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ART OF THE DEAL VIVA LA VEGAN WE TRY IS TRUMP THE THE CITY’S PLANT-BASED MAN TO RENEW JUNK FOOD HOT SPOTS P22 IRAN TALKS? P17 WEDNESDAY 15 JANUARY 2020 ISSUE 3,534 CITYAM.COM FREE

Blackrock to go green in new strategy ANNA MENIN @annafmenin THE WORLD’s largest asset manager Blackrock yesterday said it will put environmental sustainability at the core of its investment strategy. The asset management titan announced the sweeping overhaul in a bid to position BRITISH STARTUPS BREAK RECORDS IN 2019 AS FUNDING itself as a sustainable investment leader, pledging to take steps such as lowering its GROWS FASTER THAN ANYWHERE ELSE IN THE WORLD exposure to fossil fuel companies. Chief executive Larry Fink announced the changes in a letter to clients yesterday, in which he said climate change posed an unprecedented risk. “Even if only a fraction of the projected impacts is realised, this is a much more structural, long-term crisis,” Fink said. “Companies, investors, and governments must prepare EMILYTECH NICOLLE Data from Tech Nation and DealroomONThe top performing sectors TOPof 2019 Health and . for a significant reallocation today revealed the UK garnered a third of were fintech, artificial intelligence and The largest round in UK history also of capital,” he added. @emilyjnicolle Europe’s £30.4bn total. It received more clean energy. Fintech continues to be the occurred last year when fintech lender Fink said Blackrock — INVESTMENT into the UK’s burgeoning funding than Germany and France UK’s standout star, more than doubling Greensill raised $800m from Softbank, which manages $7 trillion tech scene grew more than anywhere combined, which came in second and its 2018 total to reach $5.4bn last year — alongside mega-rounds from Deliveroo, (£5.4 trillion) in assets — else in the world last year, leaving third place at £5.4bn and £3.4bn. three times more than in Germany, and Oaknorth, and CMR Surgical. would now assess previous records in the dust as investors now stands shoulder-to- 7.5 times more than in France. “Last year was a very good year for environmental, social and set their sights on private markets. shoulder with San Francisco, Beijing and “These numbers clearly show that if you tech,” Frederic Court, founder of Peloton governance (ESG) with the Venture capital funding for UK tech New York as one the top cities in the want to invest in a high potential investor Felix Capital, told City A.M. “same rigour that it analyses firms reached £10.1bn in 2019, rising 44 world for venture capital investment. technology business, then you need look “It will continue to do very well in terms traditional measures such as per cent year on year and breaking the It also far surpasses the rest of Europe in no further than the UK,” said Cindy Rose, of usage and opportunity. But the harder credit and liquidity risk”. all-time high set two years earlier. terms of the number of accelerator the British chief executive of . thing with tech, especially for those at “I believe we are on the edge Britain surpassed growth in all other programmes for startups, and the Eight unicorns were created in London later stages, is getting the valuation right. of a fundamental reshaping of countries, including in the US and China number of so-called unicorns — last year, taking its total to 77. These Many of these companies will succeed, finance,” he said. where investment fell 20 per cent and 65 companies valued at more than $1bn included fintech startups Sumup and but the tricky question for investors is per cent respectively. (£767.6m) — headquartered in the city. Checkout, as well as Ovo Energy, Babylon what they will be worth eventually.” £ CONTINUES ON P2

Cleared for takeoff: Government strikes deal to keep troubled in the air HARRY ROBERTSON pledged to inject “additional The agreement has already the “the taxpayer to pick up the carbon-intensive kind of travel”. funding” to keep the airline proved controversial, however, tab” for the “mismanagement” of Chancellor Sajid Javid justified @harrygrobertson running. They said this would with rivals criticising government the airline. the Flybe deal by highlighting the FLYBE staved off collapse last night come “alongside government intervention to save a failing The government said that air benefit it would provide for after shareholders and the initiatives”. business and environmental passenger duty would be reviewed regional connections in Britain. government struck a controversial The deal came a day after reports groups slamming the review of air for the whole market ahead of the “I welcome Flybe’s confirmation deal that will review the regional emerged that Flybe was in a passenger duty. March Budget, to the chagrin of that they will continue to operate airline’s air passenger duty perilous situation and facing an Willie Walsh, chief executive of climate campaigners. as normal, safeguarding jobs in UK contributions. imminent collapse that could have British Airways owner IAG, called Greenpeace chief scientist Doug and ensuring flights continue to Major shareholders, including cost 2,000 jobs ahead of the quiet it a “blatant misuse of public Parr said it was hypocritical of the serve communities across the and Stobart Group, winter period. funds”. He said it was not right for government to subsidise “the most whole of the UK,” he said.

FTSE 100 ▲ 7,622.35 +4.75 FTSE 250 ▲ 21,756.05 +39.29 DOW ▲ 28,939.67 +32.62 NASDAQ ▼ 9,251.33 -22.60 £/$ ▲ 1.302 +0.003 £/€ ▲ 1.167 +0.004 €/$ ▼ 1.113 -0.001 02 NEWS WEDNESDAY 15 JANUARY 2020 CITYAM.COM

TO BUY, OR NOT TO BUY? Shakespeare’s first folio put on display in London ahead of garnering up to $6m at Christie’s NYC auction THE CITY VIEW Fink is right to hail the great reallocation

HEN you manage over $7 trillion your investment decisions don’t just move markets, they shape them. WBlackrock’s Larry Fink understands this and his annual letter to CEOs tends to set out his big-picture thoughts on what companies and boards ought to be thinking about — and what they ought to be doing. His 2018 letter focused on the need for genuine shareholder engagement, and he vowed that Blackrock would be “active, engaged agents on behalf of clients... embracing our responsibility to help drive... change”. The following year, Fink wrote about “an inextricable link” between profit and purpose, and told bosses they had a responsibility to deal with social problems “in an increasingly divided world”. This year’s missive A collection of William Shakespeare’s first plays, published in 1623, is to be put on display at Christie’s in London until it brings the two previous themes together, as he confronts head heads to auction in April at its New York house. The folio, which contains 36 of Shakespeare’s well-known plays and 18 that on the implications of climate change. Describing it as an might otherwise have been lost, is expected to sell for between $4m (£3.1m) and $6m when it goes under the hammer. “unprecedented risk to markets” he insisted that “companies, investors and governments must prepare for a significant reallocation of capital”. Blackrock will now assess environmental considerations with “the same rigour is analyses traditional measures such as credit and liquidity risk”. The world’s largest asset manager will also move investment away Blackrock to remove coal from companies that derive more than 25 per cent of their revenues from thermal coal and aims to increase investment in sustainable assets from $90bn to £1 trillion in a decade. Critics are already claiming that Fink’s commitments don’t go from its active portfolios far enough (or that they come too late) but while that argument will rage for decades, a fundamental point is worth celebrating today: this is how markets are supposed to work. As Mark Carney CONTINUED FROM FRONT efforts to tackle climate change or face the controversial holdings and carbon said last summer, capitalism will be part of the answer to increasing anger from investors. footprints of its mutual funds by the dealing with climate change. The outgoing of As part of its new investment strategy, “Every government, company, and end of the year. governor said the system of free-market capital allocation “is Blackrock said it will cut companies shareholder must confront climate Jeanne Martin of investment charity that derive a quarter or more of their change,” he said. Share Action called the decision to very much part of the solution” and added, for good measure, revenue from thermal coal from its Fink said Blackrock would vote to quit coal “yet another significant blow that “there will be great fortunes to be made” by companies actively managed portfolios, as well as remove directors of companies it to the already dying market”, but who “move capital from where it is today to where it needs to be doubling the number of sustainabili- judged to have taken insufficient called on Blackrock to “use its voting tomorrow”. The City understands this and London is ty-focused exchange traded funds it action. rights to get major coal financiers to offers to 150. “We will be increasingly disposed to do the same”. exceptionally well-positioned to lead on what Fink yesterday The firm is also aiming to increase vote against management and board Martin welcomed Blackrock’s com- described as a “fundamental reshaping of finance”. This its sustainable assets tenfold within a directors when companies are not mitment to greater transparency, but newspaper has long supported the principles Blackrock now decade, from $90bn to $1 trillion. making sufficient progress on sustain- said: “For far too long the asset claims to champion: muscular shareholder activism, responsive Blackrock’s strategy overhaul follows ability-related disclosures and the manager has kept everyone in the sustained pressure on the asset business practices and plans underly- dark about the companies it was meet- boards and engaged consumers. As the debate about sustainable manager and wider industry from ing them,” he said. ing with, the topics discussed, and investing and responsible capitalism continues to evolve, we campaigners. Blackrock also said it wanted to most importantly the outcome of should never lose faith in the power of markets to drive the kind It also comes just days after it signed increase transparency surrounding its those engagements.” up to the investor pressure group investments. She added: “But we might not like of innovation and change necessary to power economic growth Climate Action 100+, which is cam- The company said it wants investors what we see when we open the door and improve our quality of life. paigning for major CO2 emitters to “to be able to clearly see the sustain- on these activities: Blackrock’s current cut pollution. ability risks of their investments”. voting disclosures on climate issues In his letter to chief executives, Fink To help this, the asset manager said give little comfort that it will vote in a Follow us on Twitter @cityam called on companies to step up their it will begin showing investors data on manner fitting of the climate crisis.”

FINANCIAL TIMES THE WALL STREET JOURNAL VARADKAR CALLS ELECTION WHAT THE JOHNSON TO TAKE LEAD IN BUSINESSES WARNED PUB SENATE IMPEACHMENT TRIAL AND PINS FAITH ON RECORD OTHER FIGHT AGAINST CRIME GANGS BANTER IS HARASSMENT LIKELY TO START NEXT WEEK Leo Varadkar has called a snap general Boris Johnson aims to “cut the head off Businesses must tell their that “pub Senate majority leader Mitch McConnell election in Ireland next month, setting PAPERS SAY the snake” of criminal gangs and banter” and social media posts can said he expects to start the up a short campaign in which the Prime restore the Conservatives’ reputation as amount to sexual harassment, the impeachment trial of US President Minister will seek his own mandate THIS the party of law and order by setting up equality watchdog warns today, as it Trump next Tuesday, after the House after taking over in 2017 from Enda a cross-Whitehall taskforce, the Times issues a letter to 400 major firms. The votes tomorrow to name the Democrats Kenny, one year into the minority MORNING can reveal. The Prime Minister will take chair has written to employers warning who will argue the case for Trump’s government’s term. The 8 February personal charge of a new cabinet them that they need to “step up action removal and to send the case over to election brings to an end the 2016 committee to tackle the matter. against bad behaviour”. the Senate. parliamentary voting deal under which the Fianna Fail opposition party PEACE SHATTERED BY DING- JAMES MURDOCH ATTACKS AMAZON LIFTS BAN AGAINST propped up Varadkar’s administration. DONG ON BREXIT BONG HIS FATHER’S NEWS EMPIRE FEDEX GROUND SHIPPING It’s the issue that refuses to go quietly. James Murdoch has launched a rare Amazon’s clampdown on Fedex is over. GUARDIAN APPOINTS EX new chief. Her appointment comes Brexiters’ calls for church bells to ring in public attack on his father’s news The online retailer yesterday notified its SCIENTIST AS NEW CHIEF after David Pemsel, GMG’s former chief celebration of Britain’s exit from the EU empire, which owns the Sun and the third-party merchants that they could Guardian Media Group, which executive, announced he was leaving in have failed to unite the country’s Times newspapers, for downplaying the once again use Fedex’s Ground network publishes , has appointed October after accepting a new job as congregations. The body representing impact of climate change despite the to ship orders placed under Amazon’s trained scientist Annette Thomas as its head of the English . bellringers refused to endorse the call. severe bushfires across Australia. Prime membership programme. CITYAM.COM WEDNESDAY 15 JANUARY 2020 NEWS 03 Huawei attacks Boeing suffers worst year for orders in 30 years amid 737 Max scandal US spy claims as STEFAN BOSCIA Boeing delivered 380 planes in the technical faults of the 737 Max, 2019, ending the year with a backlog with one saying it was “designed by @Stefan_Boscia of 5,406 planes. clowns who in turn are supervised BOEING reported its lowest number In comparison, its main rival by monkeys”. of net yearly orders in more than Airbus had 768 orders, delivered 786 One said they would never put 5G verdict nears three decades yesterday, as the fallout planes and ended the year with a their family on a “Max simulator from last year’s grounding of the 737 backlog of 7,482. The fall means trained aircraft”. Max rolled on. Boeing was yesterday forced to The 737 Max was grounded in The US aerospace manufacturer concede its title of the world’s March by aviation authorities JAMES WARRINGTON “confident that the UK government had 87 more cancellations than largest planemaker to its rival. around the world, after Lion Air and will make a decision based upon evi- purchases in 2019, thanks to mass Leaked emails this week revealed Ethiopian Airlines crashes killed a @j_a_warrington dence, as opposed to unsubstantiated repeals of 737 Max orders. that Boeing employees joked about combined 346 people. HUAWEI has urged the government to allegations”. ignore “unsubstantiated allegations” He cited comments made by MI5 of spying levelled by the US amid fresh chief Andrew Parker, who said he had speculation over the Chinese firm’s “no reason to think” the UK’s intelli- role in the UK’s 5G network. gence sharing agreement with the US Speaking to the BBC yesterday, Prime would be impacted if it collaborated Minister Boris Johnson insisted that with Huawei. his government would not compro- Leaks from a national security meet- mise national security or the UK’s ing last year suggested Huawei could intelligence-sharing agreements. be allowed to build so-called non-core However, he said the British public parts of the network, though the UK is needed to have access to the best qual- yet to announce its final verdict. All ity and said critics of Huawei had to four major telecoms providers have come up with “alternatives”. since launched their 5G networks Top US officials reportedly warned using some Huawei equipment. their British counterparts that using But the intervention of US security Huawei’s equipment would be “noth- officials has reignited debate about ing short of madness”. the Chinese company’s role in critical During crunch meetings in London national infrastructure. on Monday the security chiefs handed Tory MP Bob Seely has urged the gov- over a dossier of evidence about ernment to ban Huawei, saying: “The Huawei’s vulnerabilities in a last-ditch blunt reality is that China is a cyber attempt to persuade Downing Street risk and will remain so for years.” to ban the Chinese tech giant. A government spokesperson said a In a statement Huawei vice president final decision on Huawei will be made Victor Zhang said his company was “in due course”.

CASE CLOSED Yamaha issues instrument holder warning after Carlos Ghosn escape

YAMAHA yesterday warned people not to try and squeeze into musical instrument cases after reports former Nissan boss Carlos Ghosn used the ploy to escape Japan. The musical instrument maker said it had noticed increased interest in the trend. Ex-BHS owner Dominic Chappell ordered to pay £9.5m in pensions

JESS CLARK The watchdog also said the way money was extracted and distributed @jclarkjourno to Chappell, advisers, company FORMER BHS owner Dominic directors and Chappell’s family Chappell has been ordered to pay members also damaged the £9.5m into the collapsed department pension pot. store’s pension schemes. Chappell referred the initial ruling, The Pensions Regulator (TPR) made in January 2018, to the announced yesterday that Chappell’s regulator’s upper tribunal, which acquisition of BHS, the appointment subsequently struck out the appeal. of inexperienced board members and Nicola Parish, an executive director the implementation of an at TPR, said: “We are pleased that the “inadequate” business plan were decision to issue two contribution detrimental to the company’s notices to pay money into the BHS pension schemes. pension scheme stands.”

CITYAM.COM WEDNESDAY 15 JANUARY 2020 NEWS 05 No second Scottish referendum, Boris Johnson tells SNP’s Nicola Sturgeon

CATHERINE NEILAN increase from the previous General first minister, Johnson said the Election in 2017, when it won 2014 plebiscite had been “a once @CatNeilan 35 seats. in a generation” vote that he would THERE will be no second Scottish The Tories lost seven seats, while not reopen. independence referendum, Boris Labour lost six and the Liberal “The people of voted Johnson told Nicola Sturgeon Democrats were net flat, despite decisively on that promise to keep yesterday, despite the SNP clearing up leader Jo Swinson being booted out of our together, a north of the border during last her Dunbartonshire East seat. result which both the Scottish and month’s General Election. Sturgeon, who said the result was UK governments committed to Sturgeon has been attempting to better than expected, has been respect in the pile the pressure onto the Prime pushing for Downing Street to Agreement,” he said, adding that a Minister since claiming 48 seats in commit to a second referendum. second referendum would cause Sturgeon hailed her party’s General Election result as better than expected the December poll — an 8.1 per cent However in a letter to Scotland’s “political stagnation”. Gambling firms’ Funding round likely to value shares dive after Revolut at $5bn ANGHARAD CARRICK @angharadcarrick UK-BASED fintech Revolut is set to credit card ban hit a $5bn (£3.85bn) valuation in an upcoming funding round. Technology Crossover Ventures (TCV) is said to be leading a funding ANNA MENIN tive Neil McArthur said the new ban round that is expected to close this “should minimise the risks of harm to month, according to documents @annafmenin consumers from gambling with seen by Financial News. The SHARES in several major gambling money they do not have”. documents showed that investors companies dropped yesterday after McArthur said that research indicat- had placed a pre-money valuation the industry watchdog announced ed that 22 per cent of online gamblers Felix Capital is an investor in fitness brand Peloton, which went public last year of $5bn on the digital bank. it would ban betting using credit who use credit cards are problem gam- Silicon-Valley based TCV raised a card deposits. blers, with more “suffering some form $3bn fund at the beginning of 2019 The ban, which comes into effect of gambling harm”. to back rapidly-growing tech from April, covers all online and The ban will be reviewed by the London investor in Peloton and companies. It was an early backer offline betting, with the exception of commission after it comes into effect of Spotify, Airbnb and Netflix, and “non-remote” lotteries including the on 14 April. its UK portfolio includes the money National Lottery. “We realise that this change will transfer platform Worldremit. William Hill shares fell as much as inconvenience those consumers who Goop raises third fund at $300m Reports last year suggested 4.5 per cent in morning trading before use credit cards responsibly but we are Revolut had been seeking a settling 2.5 per cent down at 181.4p. satisfied that reducing the risk of EMILY NICOLLE Mejuri, as well as Gwyneth Paltrow’s valuation of between $7bn and Meanwhile Flutter Entertainment — harm to other consumers means that lifestyle brand Goop. $8bn for the upcoming round. which owns Paddy Power and Betfair action must be taken,” said McArthur. @emilyjnicolle The new fund is double that of its In 2019 the startup went on a — dropped 3.54 per cent before recov- The Betting and Gaming Council VENTURE capital firm Felix Capital last raise in 2017, as Felix seeks to hiring spree as it embarked on a ering to stand 1.2 per cent down. also welcomed the announcement. has today revealed its third fund at expand its reach across the globe. global expansion drive and sought Shares in 888 Holdings slid 3.54 per Chairwoman Brigid Simmonds said: $300m (£230.3m), targeting startups Founder Frederic Court told City to move away from its startup cent during trading following news of “We will implement a ban on credit at both early and later stages across A.M. around a third of the fund roots. In November it appointed the ban and the departure of the com- cards which adds to measures such as London and beyond. would be invested in the UK, with former Standard Life Aberdeen pany’s chief financial officer. age verification, markers of harm and The firm has previously invested plans to allocate around 40 per cent vice-chairman Martin Gilbert. Gambling Commission chief execu- affordability checks.” in the likes of Deliveroo, Peloton and towards business-focused products. Revolut declined to comment. 06 NEWS WEDNESDAY 15 JANUARY 2020 CITYAM.COM US and China to UK ambassador a ‘persona non sign off a phase grata’, says Iran EDWARD THICKNESSE @edthicknesse THE UK’s ambassador to Iran has been called a “persona non one trade deal grata” by the Iranian judiciary, who claimed he contributed to escalating anti-government HARRY ROBERTSON $80bn more manufactured goods tensions in Iran. from the US over the next two years, a Rob Macaire was detained by @harrygrobertson source that is briefed on the deal told Iranian police this weekend for US PRESIDENT Donald Trump and yesterday. attending a vigil for those who died Chinese vice premier Liu He will today It will also buy $50bn more in energy in last week’s plane crash in sign the long-awaited phase one trade supplies, $35bn more in services, and Tehran, before later being released. deal that will lower tariffs and see $32bn more in agricultural goods, the Gholam-Hossein Esmaili, the China buy more American goods — if source said, although analysts ques- Volkswagen continues to feel the damaging effects of the diesel emissions scandal Iranian judiciary’s spokesman, told all goes to plan. tioned how realistic these targets are. reporters: “It is not acceptable for The world’s two largest economies The text of the deal will be released us to see that the British have been locked in an acrimonious today when Trump and Liu put pen ambassador went outside the trade war for over a year. to paper, and will be parsed by Six Volkswagen executives are embassy and took part in an illegal It has led to hundreds of billions of investors looking to weigh up just how gathering, filmed it and had a dollars of goods being tariffed, damag- far it goes. provocative role in its ing global trade and shaking interna- A further round of tariffs was sus- charged with fraud in Germany continuation.” He added: “This tional markets. pended in December when the phase person is persona non grata...while Under the phase one deal— so called one deal was struck, and the US Trade ALEX DANIEL about cheating devices. people’s expectations and because it is by no means comprehen- Representative’s office (USTR) said it Prosecutors said three executives international regulations sive — China is expected to massively would half the rate of tariffs it @alexmdaniel “knowingly and willingly necessitate his expulsion.” increase its purchases of US agricul- imposed in September on $120bn of SIX VOLKSWAGEN executives have participated in the development, Meanwhile a video verified by tural and manufactured goods. Chinese goods to 7.5 per cent. been charged with fraud, after they refinement and improvement of the New York Times late last night This will trim the US’s $300bn US Treasury secretary Steven were accused of “deliberately manipulation software”. showed the plane had been hit by (£230bn) trade deficit with China, Mnuchin said late last night Trump misleading” authorities and In September 2015 the German car two Iranian separate missiles, which has long been a bug bear for would not consider removing the tar- customers in the months leading making giant said that 11m cars rather than one as previously Trump and his supporters. iffs entirely until phase two of the up to the diesel emissions scandal worldwide, including almost 1.2m in understood. The missiles struck the China has promised to buy almost trade agreement had been completed. in 2015 by failing to tell authorities the UK, were affected. plane 30 seconds apart.

By the side of business in London

Working with the business, we supported Jude’s Ice Cream with the finance to build a new dairy and increase their expected annual turnover by 50%.

By the side of business CITYAM.COM WEDNESDAY 15 JANUARY 2020 NEWS 07

COOL HEAD Ex-Daily Mirror chief Simon Fox appointed new boss of Frieze art fairs Lekoil shares crash after company says it fell victim to fake loan trap EDWARD THICKNESSE Investment Authority (QIA) queried LEKOIL @edthicknesse the validity of an $184m (£141.2m) loan it had announced on 2 January. 10 P SHARES in West African exploratory Shares closed yesterday at 2.50p, firm Lekoil fell over 70 per cent having been suspended at 9.40p. 8 yesterday after the company revealed In a statement, the firm said it 6 it had been the victim of fraud by had made a deal with individuals 14 Jan individuals purporting to be who had constructed a complex 4 2.50 representatives of a Qatari fund. facade in order to masquerade as On Monday the Aim-listed firm’s representatives of the QIA.” 2 shares were suspended after Sources close to QIA told City A.M. representatives from the Qatar it had no knowledge of any loan. 8 Jan9 Jan 10 Jan 13 Jan 14 Jan

THE FORMER chief of Daily Mirror publisher Reach was today named new head of the company behind iconic arts fair operator Frieze. The hire is said to form part of a growth strategy drawn up by US media giant Endeavor, Sky News first reported. 23RD DECEMBER 2019 – 2ND FEBRUARY 2020 Endeavour calls WINTER SALE off merger talks 15% OFF* with Centamin

EDWARD THICKNESSE with a high-quality portfolio of assets.

@edthicknesse “The quality of information received *exclusions apply 6.96% during the accelerated due diligence MINING group Endeavour process has been insufficient to allow yesterday called off attempts us to be confident that proceeding to merge with London-listed miner with a firm offer would have been in Centamin, after the latter said it the best interests of Endeavour share- would not extend the deadline for the holders,” he added. Canadian corporation to make an Centamin issued a statement saying offer. that Endeavour’s offer “materially Shares in Centamin fell nearly undervalued” the firm. seven per cent to 118.35p. Jim Rutherford, the firm’s deputy The two firms have been in talks chairman, said: “After a period of con- since early December, when structive engagement, Centamin and Endeavour went public with an Endeavour have not reached agree- £1.47bn all-share takeover. ment on value and have therefore After wrangling about due diligence terminated discussions. deadlines for much of the rest of “We are highly confident in our the month, Endeavour has now decid- growth strategy, which includes ed to bring an end to its pursuit, but is not limited to value-accretive which it has been conducting since diversification.” October 2018. In last week’s trading update, The Canadian mining giant’s chief Centamin said that the fourth quarter executive Sebastien de Montessus said saw a 50 per cent rise in production at in a statement: “We remain convinced the Sukari mine, making it one of the about the strategic rationale of com- best quarter’s in Centamin’s history. bining Endeavour and Centamin to The firm also reaffirmed its guid- create a diversified gold producer ance for 2020.

Co-op saviour Richard Pennycook ligne-roset.com to join UK’s biggest poultry firm

POPPY WOOD £1.5bn accounting black hole on the @poppyeh Co-op Bank’s balance sheet. Pennycook is expected to step down FORMER chief executive of the Co-op, as chair of the British Retail who saved the supermarket giant Consortium in light of his new role. from collapse in 2013, has been 2SFG, which has a workforce of named as chair of the Britain’s around 18,000, is controlled by Ranjit biggest poultry empire. Boparan, known as the “chicken Richard Pennycook will today king” due to his ties to the poultry replace Lord Allen of Kensington as production sector. chairman of 2 Sisters Food Group Pennycook’s appointment comes (2SFG), Sky News first reported. after a difficult period for the The former Co-op boss is widely company, after it was hit by a food credited as having steered the group hygiene scandal in the wake of from financial ruin, following a undercover filming in its factories.

CITYAM.COM WEDNESDAY 15 JANUARY 2020 NEWS 09 US BANKING RESULTS ROUND UP JP MORGAN KICKS OFF US CITIGROUP PROFIT JUMPS IN RETHINK AT WELLS FARGO EARNINGS SEASON IN STYLE STRONG FINAL QUARTER AFTER INCOME SLUMPS Boohoo hikes its JP Morgan brought in a record annual Profit at Wall Street giant Citigroup beat Profit at Wells Fargo slumped 55 per cent profit in 2019 of $36.4bn (£31.1bn), its expectations to post a 15 per cent rise in in the fourth quarter as the US banking fourth-quarter results showed yesterday, fourth-quarter profit, with solid growth giant remained mired in a sales scandal. outstripping analysts’ expectations as it in both its consumer and institutional The results — which looked especially kicked off the US earnings season in fine banking arms. Citigroup shares ended poor in comparison to rivals — style. The US’ biggest bank was boosted 1.6 per cent at $81.91 as the lender prompted new boss Charles Scharf to guidance after by a marked increase in bond trading as continued the strong start to US promise “fundamental changes”. The tensions cooled between Washington earnings season. The third-largest US Wall Street lender suffered operational and Beijing. Its shares finished 1.2 per bank’s profit rose to $5bn (£3.8bn) in the losses of $1.9bn (£1.5bn) in the final cent higher in early trading to $138.80. final three months of 2019, up from three months of 2019, due in large part Profit at the New York-headquartered $4.3bn a year earlier. This took earnings to the setting aside of over $1bn to deal lender rose 21 per cent year on year to per share to $2.15, well above analysts’ with costs relating to sales abuses first revenue bounce $8.5bn in the final three months of the predictions of $1.84. Total revenue grew revealed in 2016. Profit fell to $2.6bn, 2019. This took earnings per share to seven per cent to $18.4bn, with strong taking earnings per share to $1.21, $2.57, well above the consensus growth in each of the North America, below analysts expectations. Scharf said prediction by Wall Street analysts of Europe, the Middle East and Africa, Latin he would focus on cost-cutting. He said: JESS CLARK 102 per cent. $2.35. JP Morgan chairman Jamie America and Asia regions. Citi’s chief “There is no reason why we shouldn’t @jclarkjourno The company also completed the Dimon warned that some “geopolitical executive Michael Corbat said the results have best-in-class efficiency with these integration of new acquisitions Miss issues” remained. represented a “strong finish to the year”. business at this scale.” BOOHOO raised its full-year guidance Pap, Karen Millen and Coast into the yesterday as it reported record trading Boohoo platform. during the final quarter of last year. “Online ‘fast fashion play’ Boohoo The online fashion retailer’s shares shows no signs of slowing down,” jumped five per cent to 333.7p after it said Russ Mould, investment director announced group revenue in the four at AJ Bell. months to 31 December was £473.7m, “At a time when many traditional an increase of 44 per cent compared to clothing retailers are struggling, the the same period last year. company is continuing to prove The company said revenue in the the benefits of its purely online opera- financial year to 29 February is expect- tion, emerging as one of the sector Hybrid Powered Expedition Cruises ed to be 40 per cent to 42 per cent, winners from the crucial festive peri- ahead of its previous estimate of 33 od,” he added. per cent to 39 per cent. Boohoo chief executive John Lyttle Group adjusted earnings before said: “I am delighted to report the interest, tax, depreciation and group has enjoyed record trading in amortisation (Ebitda) margin is the last four months of 2019. expected to be between 10 per cent to “All of our brands have performed 10.2 per cent. exceptionally well and delivered Yesterday the e-commerce platform strong market share gains.” said revenue in the US was up 57 per Lyttle added that the group’s newly- antarctica cent to £110.6m during the quarter. acquired brands are “showing great Boohoo’s revenue was up 42 per cent promise and open different target during the quarter, while Pretty Little markets for the group, in line with Thing reported an increase of 32 per our strategy to build our multi-brand cent and Nasty Gal saw revenue soar platform.”

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ms Fridtjof Nansen ms roald amundsen 12 days Antarctica 18 days Antarctica, Highlights of the Chilean Fjords, Falklands Frozen Continent Great Explorers and Wildlife

ITINERARY ITINERARY Santiago DAY 1 Buenos Aires Buenos Aires DAY 1 Santiago de Chile MIKE Ashley’s Frasers Group, formerly known as Sports Direct, has written to the PM de Chile DAY 2 Buenos Aires/ ARGENTINA DAY 2 Santiago de Chile/ to ask him to urgently review the business rates scheme. In a letter to Boris Johnson, Ushuaia – Flight Punta Arenas CHILE the company said the current system means some stores pay “incorrect” rates. & Embarkation DAY 3 Chilean fjords – DAY 3-4 Drake Passage Patagonia DAY 5-9 Antarctica DAY 4-5 Drake Passage P A C I F I C & Cape Horn P A C I F I C A T L A N T I C DAY 10-11 Drake Passage O C E A N A T L A N T I C O C E A N O C E A N O C E A N DAY 12 Ushuaia/ DAY 6-12 Antarctica FALKLAND Buenos Aires DAY 13 At sea ISLANDS DAY 14-16 Stanley DEPARTURES The Falkland Islands Games Workshop hits record high Punta Arenas DAY 17 At sea Puerto Williams 2020: 7, 17, 27 Nov; Ushuaia DAY 18 Beagle 7, 17, 27 Dec Punta Arenas/ Cape Horn Channel DRAKE PASSAGE Santiago de Chile DRAKE PASSAGE 2021: 6, 16 Jan ANTARCTIC as Warhammer sales lift first half PENINSULA DEPARTURES 2020: ANTARCTIC 4, 20 Nov; 6, 22 Dec PENINSULA ALEX DANIEL Games Workshop’s stock was 2021: 7 Jan; 23 Jan†, 2 Mar† 66 66°33'S ANTARCTIC °33'S AN CIRCLE TARCT valued at 6,960p yesterday, marking a IC CI @alexmdaniel RCLE 9.2 per cent rise. MS Fridtjof Nansen MS Roald Amundsen GAMES Workshop shares hit a record Pre-tax profit rose to £58.6m for the FLIGHT INCLUSIVE FLIGHT INCLUSIVE high yesterday after it enjoyed rising period, a 43 per cent gain versus the from PP* from PP* profits over the first six months of same period in 2018. Revenue grew £5,990 £6,990 the financial year. 18 per cent to £148.4m, while cash *Terms and conditions: Savings vary by date and by cabin grade. Lead price applies to Outside cabins on MS Fridtjof Nansen voyages departing 7, 17, 27 Nov, 7 and 17 Dec In a continuation of the success generated from its operations was 2020; and to Outside cabins on MS Roald Amundsen voyages departing 4th or 20th Nov 2020, and 6th Dec 2020. New bookings only. Booking must be confirmed by 31 March 2020. From prices quoted are in GBP and are per person, based on full occupancy of your chosen cabin, single supplements may apply. Hurtigruten operates a which has driven its share price up £60.4m, a huge rise on the 2018 flexible pricing system and prices are capacity controlled, confirmed at time of booking. Not included: travel insurance, luggage handling, optional excursions or optional gratuities. Any flights booked with Hurtigruten are ATOL protected (ATOL 3584), departing from London. Cabins and excursions are subject to availability. All itineraries more than 1,000 per cent over the last figure of £36m. are subject to change due to local conditions. See website for full itineraries and further details. Booking terms and conditions available online at www.hurtigruten.co.uk. five years, the Nottingham-based Games Workshop achieved the †20-day itinerary with days 6-14 spent in Antarctica. IMAGES © HURTIGRUTEN; KARSTEN BIDSTRUP, MARCEL VAN OOSTEN / HURTIGRUTEN company behind the Warhammer second highest growth in value of any game series said yesterday that FTSE 250 company during the 2010s, CALL 0203 797 7109 | VISIT WWW.HURTIGRUTEN.CO.UK | CONTACT YOUR PREFERRED TRAVEL AGENT earnings rose by nearly a half over recording a 2,630 per cent return on the period up to 1 December. shareholder value. 10 NEWS WEDNESDAY 15 JANUARY 2020 CITYAM.COM Nissan is ‘in no way’ mulling plans Firm at centre of to dissolve its alliance with Renault CHRIS GALLAGHER car maker said in a statement. Nissan, in response to mini-bond saga Growing concerns about the state “speculative international media NISSAN said yesterday it was “in no of the 20-year old French-Japanese reports,” said it was “in no way way” considering dissolving its alliance, forged by former boss considering dissolving the alliance”. alliance with France’s Renault, and Carlos Ghosn, had sent Renault and “Through the alliance, to achieve that the alliance was the source of Nissan shares skidding to multi-year sustainable and profitable growth, overstated asset Nissan’s competitiveness. lows on Monday. Nissan will look to continue “Through the alliance, to achieve The alliance, which also includes delivering win-win results for all sustainable and profitable growth, Japan’s Mitsubishi, is “solid, robust, member companies,” it added. Nissan will look to continue everything but dead,” the chairman Renault said yesterday it will HARRY ROBERTSON could sell its shares in London-listed delivering win-win results for all of Renault, Jean-Philippe Senard, appoint a new chief executive AND ANNA MENIN Independent Oil & Gas and pay off member companies,” the Japanese told Belgian newspaper. within the next few days. Reuters its debts. @harrygrobertson @annafmenin However, judge Jones said London Oil & A FIRM at the centre of the London Gas’s valuation of the shares of Capital & Finance (LCF) scandal was £135.65m was “unsustainable on the evi- found to have “overvalued” a major asset dence before me”. on its balance sheet yesterday, meaning Jones said the valuation was based on it was unlikely it could have paid back an “unfounded” share price of 59.05p, the money it owed LCF. despite its 2019 share price never having London Oil & Gas was the biggest recip- gone higher than 21.75p. ient of cash from LCF, which collapsed a The judge said this meant London DECODES year ago owing £236m to more Oil & Gas had a hole of roughly than 11,000 investors, sparking £81m in its accounts, and an official investigation into therefore “was or was high-risk mini-bonds and likely to become unable numerous acrimonious court battles. London Oil & Gas was the WE HAVE TO Yesterday’s court judg- biggest recipient of cash ment was a section of a from collapsed firm LCF bigger ruling by judge Clive Jones that rejected the to pay its debts”. TALK ABOUT RACE attempt by London Oil & Gas The bulk of these debts (LOG) former director Elten were to LCF. Barker to remove the administrators The judge rejected Barker’s from his old company. attempts to remove Smith & Williamson He and his fellow directors put LOG as London Oil & Gas’s administrator. into administration last year. Smith & Williamson partner and But Barker then took administrator London Oil & Gas joint administrator Smith & Williamson to court after it Finbarr O’Connell said the “judgment lodged an application to question him, makes clear that Mr Barker had no ‘legit- arguing the accountancy firm should be imate interest’ in bringing his applica- stripped of its role. tion” to have the administrators Barker’s lawyers said London Oil & Gas removed. Lawyers for Barker did not should not be in administration since it respond to requests for comment.

Tuesday 28th January M Threadneedle Street, 2 - 3 Threadneedle Walk 60 Threadneedle Street, London, EC2R 8HP 8.00am Arrival & breakfast 8.30am - 9.30am Panel & Q&A The Lord Mayor’s Appeal Join the City A.M. Club for the next in our City A.M. Decodes: Diversity and Inclusion series - We Have to Talk About Race - hosted by Julia Streets, Founder & CEO of Streets Consulting and Host of DiverCity Podcast.

The 2018 ‘BAME Boss’ report published by the Equality Group found that half of ethnic minority respondents noted no prominent role models of their ethnic profile in professional positions to which they aspire. Yet, on leaving school, 59% aspired to securing a role at senior management, director and/or board level.

Today responsibility for D&I sits very firmly on the shoulders of all leaders, managers and rising stars and they need to understand and embed it in their leadership style, philosophy, business, talent and performance planning. In this series, we will expose the reality, wrestle with the complexity and engage in debate leaving our audience with a whole host of practical ideas designed to drive change and gain an edge.

Dr Miranda Brawn Raphael Mokades CEO, The Miranda Managing Director, @LMAppeal Brawn Diversity Rare Recruitment TheLordMayorsAppeal.org Leadership Foundation The Lord Mayor’s Appeal TheLordMayorsAppeal

Hephzi Pemberton Bev Shah CEO, The Equality CEO, CityHive Group

Hosted by Julia Streets, Founder Register to attend at and CEO, Streets Consulting & cityam.com/events/city-a-m-decodes-january-2020/ Host of DiverCity Podcast Registered charity no: 1148976 CITYAM.COM WEDNESDAY 15 JANUARY 2020 NEWS 11

CHIPPED AWAY Semiconductor firms hurt London listings by oversupply and low smartphone demand Marketers cash GLOBAL chipmaker in on return to firms suffered a decline in revenue last year as a huge hit lowest level oversupply in the budget growth market and a slowdown in JAMES WARRINGTON smartphone sales took their toll. @j_a_warrington Semiconductor UK MARKETING budgets returned in over a decade revenue totalled to growth in the fourth quarter as $418.3bn (£322bn) in an easing of political uncertainty 2019, down almost encouraged businesses to splash 12 per cent on the out on campaigns. ANGHARAD CARRICK proceeds raised in London were from previous year, A net balance of four per cent of private equity backed companies, com- according to figures firms lifted their total budgets in @angharadcarrick pared to a global average of 29 per from research firm the last three months of 2019, GEOPOLITICAL uncertainty con- cent,” he said. Gartner. according to new figures from the tributed to London’s subdued initial The UK market’s lacklustre Institute of Practitioners in public offering (IPO) market last year, performance last year mirrored global Advertising (IPA). as listings fell more than 50 per cent. trends. IPOs registered globally fell 10 The modest growth marked the In what was London’s quietest year per cent to 1,127 in 2019, with strongest expansion since the start for a decade, just 35 companies proceeds of $202bn (£155bn), marking of last year, and reversed two floated in the capital, raising £5.9bn — a two per cent decrease year on year. quarters of stagnant spending amid down from 79 listings raising £9.5bn Despite the blockbuster Saudi New Tory MPs back new fintech uncertainty and weak consumer in 2018. Aramco float, which raised $25.6bn in confidence. The number of admissions to the fourth quarter, it was a Internet marketing remained the London’s junior Aim also fell, from 35 disappointing year for IPOs globally. policy aiming to help low earners top performing segment over the in 2018 to 11 in 2019. Tech unicorns Uber and Lyft both quarter, while main media The largest London floats in 2019 by broke below their IPO prices, while POPPY WOOD more accessible and cheaper services advertising ticked up marginally. funds raised were both private equity office sharing firm Wework shelved for low earners. The IPA stated that conditions backed, with Warburg Pincus and its plans for a public listing. @poppyeh It received the support of a raft of for marketing spend had become General Atlantic-owned Network Gareth Jones, partner at law firm SEVERAL new Tory MPs have backed freshly-elected Conservative MPs “notably more favourable”, as the International raising £1.2bn, and KKR- Pinsent Masons, said that fresh opti- a report calling for greater yesterday, including Claire government’s strong majority backed Trainline, raising £1.1bn. mism following the General Election government focus on fintech to help Coutinho, MP for East Surrey, Gareth would encourage businesses to Scott McCubbin, from accountancy help restore faith in the UK market low-income households. Davies, MP for Grantham, and invest and spend. firm EY which crunched the numbers, and boost the number of listings. A new report by think tank Policy Richard Holden, MP for North West As a result, the body predicted a said despite volatility “IPOs remain an “It may take a while before the Exchange highlighted the ways in Durham. stronger year than 2019, exit route for private equity”. market gets going again but which developments in the UK forecasting annual ad spend “Fifty-three per cent of all IPO people seem more positive.” fintech sector could help provide £ THE FORUM: P16 growth of 1.8 per cent. Google and Sadiq Khan join forces to London cyber incubator create a local counter extremism fund unveils newest members STEFAN BOSCIA radicalisation. Khan and Google have The fund comes after University of JAMES WARRINGTON Though the majority of businesses each contributed £400,000 to the Cambridge graduates Saskia Jones were British, the programme @Stefan_Boscia initiative and groups will be able to and Jack Merritt were fatally stabbed @j_a_warrington received the highest volume of inter- GOOGLE and Sadiq Khan have bid for grants of up to £50,000. by Usman Khan at Fishmongers’ Hall THE LONDON Office for Rapid national applications so far, with teamed up to create a counter The mayor said money would be on London Bridge. The attack has Cybersecurity Advancement (Lorca) nine overseas firms making the list. extremism fund in response to invested in “local communities and been followed by a spate of today revealed the 20 latest scale- Among the new entries were November’s London Bridge grassroots groups”, because antisemitic graffiti being plastered ups to join its cyber cohort. Keyless, a London-based firm special- terror attack. “evidence shows they are best around London. The government-backed ising in biometric authentication, The £800,000 fund, run with the placed to counter hate, intolerance Alan Mendoza, executive director incubator said its fourth intake was and Vivida, which uses virtual reality Institute for Strategic Dialogue, will and extremism”. of the Henry Jackson Society think the largest to date, and includes to develop cybersecurity education. offer grants to local organisations to He added: “Violent extremism is tank, welcomed the initiative, but companies using automation and The year-long programme is deliv- provide services and education to one of the biggest threats facing said it needed to be a part of a larger quantum to protect UK industry ered by Plexal at Here East in the prevent extremism and London and our country.” strategic response. against online threats. Olympic Park. 12 NEWS WEDNESDAY 15 JANUARY 2020 CITYAM.COM

CLEAN SLATE Ex-Persimmon boss named Housing market as chief executive of Yorkshire housebuilder Watkin Jones’ build-to-rent stable in spite of profit doubles ALEX DANIEL @alexmdaniel HOUSING developer Watkin Jones yesterday said profit from its build- political turmoil to-rent developments more than doubled in 2019. The 229-year-old company, which JESS CLARK selling price reached £269,000, up also makes student housing, saw @jclarkjourno from £264,000 the previous year. overall profit slip because of Taylor Wimpey chief executive Pete exceptional costs. HOUSEBUILDING firm Taylor Wimpey Redfern said: “Our results for the year Pre-tax profit fell 8.5 per cent to yesterday said the UK housing market to 31 December 2019 will be in line JEFF Fairburn, who left his role as boss of housebuilder Persimmon in 2018 following £49.7m, while revenue grew 3.2 per remained stable last year, despite with our expectations. controversy over his £75m bonus, was yesterday appointed chief executive of cent to £374.8m. However, revenue ongoing economic and political “Despite an uncertain political and Yorkshire developer Berkeley Deveer after he bought a 50 per cent stake in the firm. from build-to-rent shot to £73.6m uncertainty. economic backdrop in 2019, we have from just £3.8m in 2018, while In a trading update the company continued to experience a good level profit from the arm was £13.2m. said that conditions were more chal- of demand for our homes and trading Chief executive Richard Simpson lenging in London and the south-east, in the second half of the year was as said: “Despite the difficult macro but demand for homes remained anticipated.” Grosvenor Group in search for environment caused by Brexit- strong in the face of uncertainty Redfern added that the firm’s plans related uncertainty, the group has caused by Brexit. for the year ahead will be to “prioritise delivered further profitable The FTSE 100 firm said total a renewed cost focus and process sim- growth, in line with expectations.” home completions including joint plification improvements”. new head as McWilliam resigns Simpson told City A.M. he was ventures increased five per cent to Interactive Investor head of markets JESS CLARK Ireland, was due to take on the group optimistic that the student 15,71923 per cent of which were Richard Hunter said: “In 2020, the @jclarkjourno role next year. His sudden departure accommodation sector is set to affordable homes. company’s performance will likely be from the business was “mutually grow as a result of an increasing Taylor Wimpey’s net private reserva- second-half weighted, while there may THE DUKE of Westminster’s property agreed”, the company said in a number of students entering tion rate for the year was 0.96 homes be some headwinds developing as investment firm Grosvenor Group is statement yesterday. higher education. per outlet per week and the cancella- negotiations with Europe develop over searching for a new group chief James Raynor, who was scheduled “Population growth is due to tion rate was 15 per cent. the year... For the moment, though, executive after Craig McWilliam to take over as chief executive of the turn positive for next year for the Average selling prices on private those are distant clouds on the hori- stepped down citing private reasons. Britain and Ireland business in 18 to 22 year old cohort and that completions increased one per cent to zon with the sector showing few signs McWilliam, who was chief September, has stepped into the top will be sustained well into the next £305,000, and the overall average of slowing down.” executive of Grosvenor Britain & role early. decade,” he said. CITYAM.COM WEDNESDAY 15 JANUARY 2020 NEWS 13 Publishing firm DFS sales slump but retailer lifts Future faces ire hopes on profit JESS CLARK @jclarkjourno FURNITURE retailer DFS yesterday reported a dip in sales for the over senior pay second half of the year following “subdued” trading in August and September. JAMES WARRINGTON home £5.7m in 2020. The company said gross sales Glass Lewis said it was “sceptical” were down six per cent in the 26 @j_a_warrington about high fixed pay raises, “as such weeks to 29 December, “reflecting a PUBLISHING company Future could remuneration is not directly linked to challenging consumer face a shareholder revolt at its annual performance and may serve as a environment”. However, the general meeting (AGM) next month crutch when performance has fallen retailer said order intake after an influential proxy adviser below expectations”. momentum has strengthened and urged investors to vote down the It also urged shareholders to vote Waterloo clocked a total of 92.4m journeys to and from the station last year the key winter sale trading period firm’s executive pay policy. down the firm’s remuneration policy, has started “satisfactorily”. Future’s remuneration report out- which would increase the potential In a trading update yesterday the lines a base salary increase of more bonus payout for both the chief execu- firm said it anticipates low single than 27 per cent for finance director tive and the chief financial officer. London Waterloo named as the digit revenue growth in the full Penny Ladkin-Brand, who is set to take It comes months after the two execu- year, supported by recent trading home £3.9m overall in 2020. tives cashed in bumper bonuses as momentum and new showroom In a note to members this week, they reaped the rewards of a period of busiest train station in Britain openings. Full-year pre-tax profit is adviser Glass Lewis cited concerns rapid growth at the publisher, which expected to be in line with market about the “significant increase” to owns titles such as Four Four Two and STEFAN BOSCIA and exits at Waterloo in 2018/19. forecasts. base salary, and said Future had Tech Radar. London Victoria, London Liverpool In a statement yesterday the offered an “inadequate response” to Boss Byng-Thorne cashed in £14.6m @Stefan_Boscia Street Station and London Bridge company said: “We are mindful of last year’s backlash, when almost a in November after selling roughly 1m LONDON Waterloo has been named were the second, third and fourth the broader political and economic third of shareholders voted against shares, while Ladkin-Brand pocketed as the country’s busiest rail station, busiest in the country, with 74.7m, uncertainty that still exists. the pay report. £7.7m. The executives have overseen a with nine of the top 10 stations all 69.5m and 61.3m entries and exits “However, we have made good Chief executive Zillah Byng-Thorne twentyfold increase in Future’s share located in the capital. respectively. The only non-London progress on our strategic was granted a 19 per cent salary price over the last five years, as the The Office of Rail and Road station in the top 10 was initiatives, driving showroom increase in 2019, but her payout has firm has bucked headwinds in the released its annual passenger figures Birmingham New Street in fifth conversion and online growth,” been frozen this year. She is set to take wider publishing sector. yesterday, revealing 94.2m entries place, which had 47.9m journeys. it added.

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Catherine Neilan “They certainly shouldn’t feel neg- lected, and part of my job is to ensure we do still have a voice, that there is asks Nickie Aiken an appreciation of what London does,” Aiken says. how London can THE UK “But there has to be a rebalancing for the greater good... I don’t think we try and bridge the should see it as a negative. It’s not either/or —it’s both.” divide with the Aiken, who was head of PR at Brad- ford & Bingley for eight years before rest of the country joining Westminster City Council, is MUST MOVE planning to spend the next few T TIMES during last month’s months getting to know the City bet- General Election, City A.M. ter, particularly with one eye on the readers could be forgiven for imminent trade talks with the EU. thinking it was taking place “I really need to sit down with the in a different country. [City of London] Corporation, to AFor much of the campaign the focus understand their red lines — what was far from London, with front- FORWARD they are really looking for,” she says. benchers and their battle buses tak- Aiken is particularly conscious of ing them through the midlands and working to “keep as much of our the north as Labour and Tories fought industry in the City” after Brexit, but it out for the so-called Red Wall. The Conservatives’ successful gambit, which has returned Boris Johnson to Number 10 with an 80-seat AS ONE majority, means the government is now committed to investing outside the M25. The City is the Sajid Javid’s first Budget, scheduled engine of UK plc... for 11 March, is expected to see a raft of measures aimed at “levelling-up” But it needs all the economy, with an emphasis on projects and investment away the other parts to from London. Some Tory MPs have told City A.M. of be a Rolls Royce concerns that this could present chal- lenges for the cluster of them in Lon- admits she doesn’t “know enough to don and the commuter belt, where comment yet” on how exactly that the result in December was markedly will be achieved. different to the rest of the country — Ministers are “very keen” to under- for example losing Putney to Labour stand what is required and Aiken — and Richmond Park to the Lib Dems. who is so new she hasn’t got a But the new MP for the Cities of Lon- Westminster office, and is still getting don and Westminster, Nickie Aiken — her head around the warren that is who actually increased the Tory the parliamentary estate — has meet- majority despite going up against Lib ings agreed with City minister John Dems’ supposed star candidate Glen among others to press the case Chuka Umunna — believes the for her constituents. country can and must move Despite experts such as the Institute forward as one. for Government warning that a deal “We’ve got to move away involving services will be near impos- from this ‘us and them’ sible before Johnson’s self-imposed mentality,” she says in her deadline of December, Aiken believes first interview since arriving it is “surely a good thing” which will in parliament. “concentrate the mind, create a clear “It’s about UK plc... The City Aiken. “Now we example of something that “just has anger directed towards the capital path” towards a deal. is the engine of UK plc, but it have got [Brexit] to be done”. after people in parliament and other But she points to opportunities needs all the other elements to out of the way we can Few would agree with her opti- positions of power appeared to block beyond the EU, in finance hubs like create a Rolls Royce. I do think get on with what we mistic assessment that Brexit is “out the result of the referendum. Singapore and Hong Kong, as key to ministers get that, but my job is were hoping to do four of the way”, but she is part of a The “very clear message” sent the City’s future success. to remind them of it.” or five years ago,” governing party that desperately through the polls in December “The City of London constantly Plans under David Cameron she adds, point- wants to focus on other things. should remove any doubt in Remain- evolves. It’s so successful because it and to ing to projects Though she voted Remain, Aiken is ers’ minds that those who voted Leave sees opportunities, not problems, and create the Northern such as now fully behind Johnson’s deal, in 2016 really did know what they that is what this government is about Powerhouse were the Trans arguing that Londoners have been were voting for. — not looking for problems, but op- held up by Brexit, Pennine living “in a bubble”. But, as Downing Street looks to keep portunities,” says Aiken. which “brought Railway She attacks the People’s Vote cam- these hard-won voters onside, won’t “I am very confident that working everything to a as a paign as “so patronising”, and says the resulting “rebalancing” leave Lon- together we can secure the future of standstill”, says prime she has “some sympathy” with the doners feeling neglected? the City.” Ted Baker’s odds are stacked against a comeback

MBATTLED luxury fashion Stephan customers of the brand. After news of in numbers. damage to its reputation is already chain Ted Baker had a difficult the stock overestimation broke in Ted Baker, which has a 51 per cent too severe. last year, beginning with the Shakespeare December, impression scores positive review among millennials, is resignation of chief executive (whether someone has a positive or trying to make a comeback. But it £ Stephan Shakespeare is chief executive and founder Ray Kelvin, who negative impression of a brand) remains to be seen whether the of YouGov Ewas accused by current and former declined 4.4 points among the pub- staff of harassment and “creating a lic, but by a more worrying 13 points TED BAKER’S REPUTATION SUFFERED Do you have a positive/negative impression of culture of bullying”. among current customers. MOST AMONG CUSTOMER BASE Ted Baker? Would you be proud/embarrassed to work The subsequent costly legal investi- Similarly, reputation scores for Ted Baker? - General public vs Ted Baker customers gation led to three profit warnings (whether someone is proud of Impression score among all Britons Impression score among Ted Baker customers during 2019 and the company report- YouGov Brand Index data, eight per embarrassed to work for a brand) Reputation score among all Britons Reputation score among Ted Baker customers ing losses of £23m. cent of Britons would consider pur- declined 2.7 points nationally and a 90 Ted Baker’s troubles haven’t ended chasing clothing from Ted Baker, in- massive 26.6 points among current 80 there either — the chain warned its cluding 11 per cent of men. customers. 70 stock value had been overestimated Yet just five per cent of women While Ted Baker’s reputation may 60 between £20m to 25m, causing its would similarly consider buying Ted have suffered, consideration scores share price to tumble. Baker clothes, which must be a con- for the brand among current cus- 50 45 Recently, though, investors have cern for a company where two-thirds tomers have remained very high over YouGov BrandIndex bought large shares in Ted Baker, sug- of its business is womenswear. the Christmas period (between 59.0 30 gesting that they’re betting on the The brand’s reputation has also and 83.9) despite the stock 20 brand resurfacing. suffered significantly as a result of overestimation. 10 However YouGov data suggests this events this past year, particularly However, it’s worth remembering 2 Dec 9 Dec 16 Dec 23 Dec 30 Dec 6 Jan 13 Jan may be a while off. According to among those who were already that this group may be too small CITYAM.COM WEDNESDAY 15 JANUARY 2020 MARKETS 15

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FTSE bags slight BOKU P Wall St loses its 100 90 highs in ‘Jason 80 14 Dec gains ahead of 70 77.50 Bourne market’ 60 S STOCKS dipped yesterday, Ureversing earlier intraday 8 Jan 9 Jan 10 Jan 13 Jan 14 Jan record highs, following a report that the United States would likely US-China deal Mobile payments platform Boku said earlier this week it was anticipating a maintain tariffs on Chinese goods significant increase in annual revenue and earnings for the year, boosted by a strong until after November’s presidential performance from its identity fraud protection service and the growth of merchants election. including Apple and Spotify. Analysts describe the Aim-listed mobile payments The eventual removal of tariffs by ONDON’s main index ended a up 1.2 per cent and 2.5 per cent platform as “the way to play the rise in the global mobile economy”, and praise its Washington would depend on choppy session yesterday with respectively, on Britain’s new rule digital wallet offering. Peel Hunt analysts rate Boku as “buy”, with an updated Beijing’s compliance with the phase slight gains, as investors looked designed to prevent consumers from target price of 145p. one trade accord, which is expected to Ltowards the signing of the building up too much debt. be signed today, Bloomberg reported, phase one US-China trade deal, Other industry players GVC and citing sources. while betting firms lost ground after 888 recouped earlier losses to end COCA COLA HELLENIC With the S&P 500 at record levels, Britain banned consumers from using marginally higher. equivalent to around 18 times P credit cards to gamble. Shares of Elementis slid 14.7 per 2,750 expected earnings, algorithmic The FTSE 100 closed 0.1 per cent cent to the bottom of the midcaps traders and human investors higher. The FTSE 250 rose 0.2 per after the speciality chemicals 2,700 interpreted the Bloomberg report as a cent, driven by a 9.2 per cent company warned of a lower reason to sell, said Joe Saluzzi, co- jump in miniature wargame 2019 profit. 2,650 manager of Themis Trading, in maker Games Workshop The stock recorded its Chatham, New Jersey. 2,600 after reporting record steepest one-day fall 2,708.89 “We’re in a Jason Bourne market. profit and sales. since mid-2015. 14 Jan The first thing Jason Bourne does Ahead of the interim 2,550 when he walks into a room is look for trade deal today, a Games Workshop the exit, just in case,” Saluzzi said, source said China jumped 9.2 per cent 8 Jan 9 Jan 10 Jan 13 Jan 14 Jan comparing investor sentiment to the would ramp up yesterday fictional action character. purchases of cars, Bottling firm Coca-Cola HBC is set to maintain its fizz, according to Jefferies analysts. The Dow Jones Industrial Average, aircraft and energy Another significant Following soft second and third quarters, the soft drinks bottler is still expected to S&P 500 and Nasdaq each touched supplies from the United faller was gold miner deliver full-year results in line with guidance thanks to growth acceleration in the intraday record highs before losing States. Separately, Centamin, which lost seven fourth quarter. Analysts say the company’s stock is “not expensive for the growth”, ground in afternoon trade. The Dow Washington said Beijing per cent on its worst day since and that although it was held back by poor weather conditions in 2019, this is not ended the session with a modest gain. should no longer be designated a early December after Canadian expected to happen again this year. They rate the company as “buy”, with a target Kicking off the fourth-quarter currency manipulator. company Endeavour Mining price of 2,900p. earnings season, JP Morgan rose 1.2 Homebuilder Taylor Wimpey was scrapped plans to take over the per cent after reporting a better-than- the second-best performer on the London group. expected profit on strength in its FTSE 100, rising four per cent after a Aim-listed online fashion retailer SCIENCE IN SPORT trading and underwriting businesses. trading update showed that its order Boohoo defied high street gloom by Wells Fargo tumbled 5.4 per cent P book surged 22 per cent in 2019, advancing five per cent to a record 43.5 after reporting a slump in profit as it aided by the government’s Help to high after reporting robust set aside $1.5bn (£1.15bn) for legal 43 Buy scheme. performance in its Christmas 42.30 expenses. Citigroup rose 1.6 per cent 14 Jan Meanwhile, gambling firms Flutter trading period and hiking its full- 42.5 as it topped Wall Street profit Entertainment and William Hill gave year forecast. estimates. 42 Fedex rallied 1.8 per cent after CNBC 41.5 reported that Amazon had lifted a TOP RISERS FTSE ban on its sellers using the company 41 P for ground deliveries. 1. NMC Health Up 10.23 per cent 7,700 7,622.35 Delta Air Lines rose 3.3 per cent 8 Jan 9 Jan 2. Taylor Wimpey Up 3.91 per cent 7,650 14 Jan 10 Jan 13 Jan 14 Jan after better-than-expected quarterly 3. Vodafone Up 3.24 per cent profit, boosted by customers gained 7,600 Science in Sport shares may be at a five-year low, but Liberum analysts are eating from rival airlines’ 737 Max TOP FALLERS the sports nutrition company up. With sales at a five-year high, they say the stock cancellations. 7,550 offers “deep value” and long-term growth. The business yesterday said trading for Pinterest surged 9.6 per cent after a 1. Evraz Down 4.22 per cent 7,500 2019 would be in line with expectations and hailed it as a “landmark” year — its first report that the online scrapbook’s US 2. Pearson Down 3.29 per cent full year since acquiring protein brand Phd. Revenues for the year were around one user base had surpassed Snap’s , 3. Mondi Down 2.57 per cent 8 Jan9 Jan 10 Jan 13 Jan 14 Jan per cent ahead of Liberum analysts’ expectations, and they rate Science in Sport as making it the third-largest social “buy”, with a target price of 80p. media platform. CITY MOVES WHO’S SWITCHING JOBS

THE ECONOMIST appointment, saying: “I am delighted to welcome Bob Burns as the company’s first ever managing director WILLOW The Economist Group has to the Economist Group. His experience as a journalist for Europe, the Middle East and Africa (EMEA). Damian Independent mortgage brokerer Willow Private announced the appointment combined with his business successes, give him a brings over 20 years of expertise working with media Finance has hired former director Alex of Bob Cohn as president and unique understanding and appreciation for what we partners, agencies and content communities, and Legett as senior mortgage and protection consultant managing director. Bob will stand for.” Bob commented on his new role: “I am joins Twitch from Facebook, where he was senior Alex has 12 years’ experience in , lead the core newspaper thrilled to join the amazing team at The Economist, director of gaming EMEA. Damian will oversee the having worked at , , and most business, focusing on whose journalism I have long read and admired. At a expansion of Twitch to benefit content creators, media recently as a director within the private banking team. expanding subscriptions and time of convulsive social disruption and growing partners, agencies, advertisers, publishers, and Wesley Ranger, founder of Willow Private Finance said: readership around the world, mistrust in media, The Economist produces reporting, developers. Sara Clemens, chief operating officer at “Alex’s extensive experience with [high net worth as well as developing new analysis, and commentary that has never been more Twitch commented, “Twitch has built a healthy and individuals] and specialist lending will provide further digital offerings. He joins the essential to understanding our complex world.” thriving community in EMEA and we are well placed for support to our existing division... We are delighted to Economist Group after more future growth. Damian’s deep experience in digital have [him] join as a key member our team.” Alex than 10 years at the Atlantic, where he served as TWITCH advertising, gaming and community services make commented on his new role: “I look forward to president and, before that, digital editor. Lara Boro, Twitch, the world’s most popular live-streaming him the ideal partner to help realize the potential of growing Willow’s high net worth division during an chief executive at the Economist, commented on the platform, has announced the appointment of Damian multiplayer entertainment.” exciting time in the UK market.”

To appear in CITYMOVES please email your career updates and pictures to [email protected] 16 OPINION WEDNESDAY 15 JANUARY 2020 CITYAM.COM FORUM EDITED BY RACHEL CUNLIFFE LETTERS Fintech can be the silver bullet TO THE EDITOR Ducks in a row to banking the UK’s unbanked [Re: Is the government being short- sighted in maintaining the ban on chlorinated chicken?] The commitment from environment AN NEW technology help north — it has both cross-party and that customers seeking to save secretary Theresa Villiers to maintain the the 1.23m people in the UK Benjamin cross-country support. through the scheme could benefit current UK ban on chlorine-washed who don’t have a bank ac- Barnard The key to addressing financial ex- from innovative saving tools, such chicken and hormone-fed beef, even if US Ccount? And could it im- clusion, the report explains, is to as “rounding up” transactions and trade negotiators demand a U-turn, is to prove the lives of the provide customers with products saving the remainder (say 10p saved be welcomed. 10–12m who still struggle to access they both want and can under- when you purchase an item worth But the UK’s high food standards and affordable loans? stand. Fintech companies can pro- £1.90), or automatically “sweeping” environmental protections can’t be New research suggests that the an- vide low-income customers with money left over at the end of the reduced to a farmyard promise to “hold swer to both those questions is yes. better banking services, bespoke month into a savings account. the line” and keep just these two products It is all thanks to London’s boom- budgeting, and smart savings tools. Second, the government should off our shelves in the event of a US deal. ing fintech sector — one of the great cycle of debt and poverty. For Thanks to their pioneering busi- create a fund to help the approxi- Our government has accepted that we success stories to emerge from the Britain’s lowest income house- ness models and the cost-efficien- mately 1.1m people who have Post face a climate and nature emergency, and wreckage of the 2008 financial crisis. holds, a broken washing machine cies that emerge from the use of Office Card Accounts (which will has advocated for the UK to become a A positive regulatory and invest- can quickly spiral into out-of-con- new technology, fintech companies not be available after November global environmental leader outside the ment environment has helped new trol borrowing. are also able to provide their serv- 2021) transition to more advanced EU. If this vision is to become a reality, the firms such as , Revolut and So what can we do to help them? ices at a fraction of the cost of tradi- accounts. This fund could also be least we need to see is a strong legislative Starling create 76,500 new jobs, a Our research explores how to har- tional . This means that they used to help the mostly elderly guarantee that all imports will need to number set to grow to 105,500 by ness the power of fintech to improve have a commercial incentive to users to develop their digital bank- meet UK food and environmental 2030. It’s the fastest growing sector access to banking, credit, insurance serve customers from whom banks ing skills. standards after Brexit. And with trade of the London economy, and over a and debt advice services, particu- have traditionally struggled to gen- Third, it should provide those on negotiations looming, we need this third of European venture capital larly for those on Universal Credit. erate revenue. Universal Credit with a banking commitment fast. funding for fintech now goes to Endorsed by former Labour chan- By using advanced algorithms and voucher which they could redeem The issue here is not about roast London firms — almost double that cellor Alistair Darling and three new data sources, fintech firms can at a provider of their choice. The chickens or beef burgers. It is about of any other European city. Conservative MPs elected in Decem- provide alternative credit scores for vouchers should be funded by a levy whether a post-Brexit UK will defend our Yet the promise of this sector does- ber — one from the south, one from the poorest, potentially bringing on the largest banking providers — right to demand strong animal welfare n’t end there. As a new report enti- the Midlands, and one from the down the cost of lending to mil- who could recoup their contribu- rules, food produced in ways that don’t tled Fintech For All, which I have lions. Innovations around payroll tions if customers eligible for the trash our planet, and trade deals that co-authored for the think tank Pol- systems can also allow customers to voucher choose to bank with them. support environmental restoration rather icy Exchange, shows, there are still access their wages before payday, Such vouchers could also be used than damaging industrial agriculture — or over a million people without a preventing those in need of short- to open new accounts with fintech if our standards will be traded away to bank account in the UK, and about term credit from resorting to high- providers, and would kickstart the secure quick and dirty deals with other 10 times that number who struggle The key to cost loans. challenger banking market for nations around the world. to access affordable credit. But if we are to build a truly inclu- those on low incomes. It would give Craig Bennett, chief executive, Friends This can have a devastating effect. addressing sive banking system, these compa- those in receipt of Universal Credit of the Earth If you don’t have a bank account, nies will need the support of the the capacity to choose high-tech you will find it almost impossible to financial exclusion government. How can it help? banking services. receive a pension or benefit pay- is to provide First, the government should open As Alistair Darling says about this ment. You will also have to pay an up the “Help to Save” scheme to report, we need “an effective, effi- BEST OF estimated £485 more each year on customers with multiple providers. cient and inclusive banking sys- TWITTER essential bills or purchases, and are This is a government-backed sav- tem”. Let’s use fintech to make that more likely to find yourself vulner- products they both ings scheme that gives low-income a reality. able to economic or financial abuse. savers a bonus payment of up to 50 Don’t get the fuss on Big Bong. But in Those excluded from mainstream want and can per cent on their savings. Opening £ Benjamin Barnard is Policy Spike Milligan’s war memoir when in credit can get trapped in a vicious understand it up to fintech firms would ensure Exchange’s head of technology policy. artillery training in 1940 they had no shells they had to shout “bang!” Could MPs who want Big Ben Bong for Brexit not try this? @iainmartin1

Still not clear why it would cost A tip for Cummings: Don’t hire anyone £500,000 to make Big Ben bong on Brexit Day unless they’ve hired Seaborne Freight to do it who fails to grasp the power of incentives @PickardJE Listening to a news discussion about bailing out Flybe. Why on earth aren’t HE JOB advert issued by trade. In Scotland, the penalty for tries such as Ireland and Sweden. we discussing spending that money Dominic Cummings for Paul aggressive begging is up to a year in Both charge people to see their doc- on revamping the train system so that people to work in govern- Ormerod jail and a £5,000 fine. In England, it tors. The impact is mitigated in the there are high speed trains to the UK’s Tment has attracted a wide is only a £1,000 fine. These facts are former by an annual cap on charges, cities & smaller towns? There is no range of comments. One sufficient to explain why Carlisle and in the latter low-income people way we should be subsiding short particular focus has been on the has become more attractive. can visit for free. Other EU countries haul flights. sorts of skills he is looking for. On a note that will be more rele- have similar schemes — in France, @helenczerski Computer science, forecasting, ar- vant to most people, more than a the principle of health services is tificial intelligence, causality theory million people a month now fail to pay upfront, get reimbursed later. Mainland UK doesn’t understand how — all these topics excite his interest. turn up for GP appointments. From It is not necessary to believe that vital #Flybe is to Northern Ireland. As Cummings advocates a small selec- does have one very powerful, gen- June to November last year, a record people act in a completely rational someone who travels with them tion of scientific papers with which eral insight into behaviour that 7.8m patients did not attend. way all the time. They obviously frequently for work, Flybe’s collapse applicants should be familiar. He be- Cummings should heed. In fact, This bad behaviour imposes extra don’t. But incentives work. Empiri- would be a disaster for the NI lieves that humanities graduates everyone — whether working in the costs on the NHS and makes it more cal examples of the principle can be economy. If this happens, Belfast City are unlikely to be aware of them. civil service, think tanks or univer- difficult for people who really need found every day, in every situation. Airport will have only 4 flight routes. The papers are indeed quite chal- sity social science departments — to see a GP to get appointments. A simple, sensibly designed set of F O U R. lenging mathematically. Even the should be familiar with it. A simple solution is to charge for incentives is worth a tonne of regu- @JasonH27 smartest arts graduate might strug- It is, quite simply, that agents re- visits to the GP surgery. It would not lation. A clear understanding of this gle to cope with their content sim- spond to incentives. When the set of eliminate the problem, but it would principle should be the key thing English word of the week: the German ply because of the language — incentives faced by an individual, a make a big difference. Once having Cummings considers when hiring a verb verschlimmbessern (“to make maths — in which they are written. company, or a government changes, paid, people would be much more new set of government “weirdos” to something worse by trying to make it The implication is that those with behaviour changes too. Different de- likely to turn up. shake up the civil service. better”) is quite well known, but I did expertise in the humanities need cisions are made as a result. Any proposal to introduce charges not realise until a couple of weeks ago not apply. Indeed, economics is con- Two snippets of recent news, cho- in the NHS causes the left to froth at £ Paul Ormerod is an economist at that there is also a perfectly good spicuous by its absence from the sen almost at random, can illus- the mouth. The standard argument Volterra Partners LLP, a visiting professor term for this in English — “to now notorious reading list. trate the power of the concept. is that charges would deter poor peo- in the Department of Computer Science disimprove” I can empathise with his focus on Beggars have started to travel from ple from accessing healthcare. at UCL, and author of Against the Grain: @olivernmoody the hard sciences. But economics to Carlisle to ply their It does not seem to do so in coun- Insights of an Economic Contrarian. CITYAM.COM WEDNESDAY 15 JANUARY 2020 OPINION 17

WE WANT TO HEAR YOUR VIEWS › E: [email protected] COMMENT AT: cityam.com/forum :@cityam Time to cull the ministers who DEBATE sit around the cabinet table Is a new ‘Trump deal’ the answer to the Iran nuclear problem? ALTER Bagehot, one of and the imbalance in budgets creates the fathers of our mod- Lauren gross disparity in pay across the civil Does anyone genuinely believe that ern constitutional struc- McEvatt servants from both departments. Donald Trump’s objection to the Iran Wture, believed that the The upcoming integrated defence, nuclear deal was based on detailed cabinet was the “effi- security and foreign policy review pro- analysis of its contents? No. Trump YES rejected it as part of his obsession with cient secret” of the British state. But vides an opportunity to develop this BEN KELLY what if the institution is now too further. The potential for a backlash dismantling Barack Obama’s legacy. large to run the country efficiently? from government partners would not Now, given the escalating tensions in I agree with the assessment from be to the principle of streamlining, the region, Boris Johnson has said that nuclear deal to give Trump’s ego a chief Number 10 aide Dominic Cum- but rather to fears that the govern- the existing Iran nuclear deal should be stroke. mings that the cabinet as it stands is policy strategy, and better procure- ment would attempt reform with in- replaced with a “Trump deal”. This has A new Trump deal obviously won’t too big to function, and that its size ment of services in its delivery. sufficient preparation — and fail. led to predictable derision, but I think immediately stop Iran being a creates silo working across the gov- The situation now isn’t working as Previous reforms have been half- the Prime Minister is onto something. belligerent presence in the region, but ernment, which stalls progress. well as it should. These departments hearted and chaotic. Successful civil European leaders have failed dismally preventing Tehran from acquiring The idea has developed that two share two of their regional focus min- service reform is a moon landing — to influence Trump, and now it’s time to nuclear weapons is essential. And on years or so as a junior minister means isters, and there are three Lords minis- you get one shot to get it right or you’ll try a different approach: manipulate his Iran’s side, sanctions are damaging the it’s time for an MP to attend cabinet ters between them. There are two more spend decades tinkering around the vanity and take advantage of his economy and destabilising the country. with a title bump and little of sub- regional ministers in the Foreign Of- edges for little gain. But if planned narcissism. Iran needs a ladder to climb down, stance added to their operational brief. fice, one for Europe and the Americas and executed well, there is a huge Remember how pleased the and so does Trump. These are not personnel manage- and one for the Asia Pacific region. amount to gain in considering merged President was to replace NAFTA with a ment methods which promote a well- The US, Australia, and the EU are departments, restructuring, and re- new USMCA? So squeeze some minor £ Ben Kelly is a commentator for functioning machine. Positions of three of our biggest partners in aid de- ducing the number of seats at cabinet. concessions from Iran and rebrand the Reaction. power within the British state are not livery, so not having these ministers There is a theory that civil servants cookies to be given out to favoured sit across both departments seems an are running amok within their depart- sons and daughters — they are opera- error. The absence of the Asia Pacific ments, and that, since ministers repre- tional roles which require experience, minister from the Department for In- sent the will of the people against the The current Iran nuclear deal isn’t discipline, commitment. ternational Development creates an tyranny of these ever-present out-of- perfect, but the principles behind it are So here’s my solution. Reduce the additional missed opportunity, given touch pencil pushers, creating more sound. Dominic Raab is right that while number of both cabinet ministers and our participation in significant aid de- ministers is therefore the answer. the deal as it stands is “a shell”, we NO people who attend cabinet. Bolster livery across that region. This is a miscalculation. I have shouldn’t throw the baby out with the MATT GILLOW the cabinet sub-committee structures This disjointed leadership approach worked with some excellent civil ser- bathwater and arbitrarily sign up to a to include the voices of junior minis- results in a lack of single command vants, and with some who are clearly new and unknown US agreement. ters as and when required. And re- structure in our overseas missions, suboptimal. There is one thing that The fact is that no new deal will be a on today’s issues — from climate form government departments so unifies both kinds: the ministerial di- silver bullet to tensions in the Middle diplomacy through to nuclear they can work together under a rection of the government. If it is un- East. The focus should be on proliferation. slimmed-down command structure. clear, chaos follows. If it is well developing a more coherent, joint Withdrawal from the current pan, in Consider the merger that has been organised, efficient, and bold, then strategy in the region, while ironing out exchange for a new “Trump deal” mooted, between the Foreign and Global Britain really will be a renewed the flaws in the plan we already have. lacking substance, risks not only Commonwealth Office and the Depart- Its size creates silo force on the world stage. More generally, simply kowtowing to progress with Iran, but also the chance ment for International Development. the US on post-Brexit foreign policy for British foreign policy independence. Merging these departments could working across £ Lauren McEvatt is managing director of would be a mistake. The UK shouldn’t result in a unified international voice the government, Morpeth Consulting, an international miss an opportunity to shape a distinct £ Matt Gillow is communications & at the top, which may help to create a affairs consultancy. She is a former foreign policy strategy, with a focus on events manager at the British Foreign more coherent and joined-up foreign stalling progress government adviser. convening the big picture conversations Policy Group.

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Calculus VCTVCT 2% off initial fee – UntilUUnnntilt 313 JanuaryJJanaannnunuaruauary InvestnvI est in the growthh potpotgr potowtgr potentialenttial ooff tthee UUKUK’UK’sK s most exexcitingciting entrentrepreneurialepreneuriala businessesbusussinessesne ses 6QƒPFQWVOQTGIGVKPVQWEJ  QOVWQFPƒQ6  JEWQVPKVGIGTQ [email protected]@calculuscapitnfo@calculuscapitl p aal.comc m or 002070 449493993 4494040 wwwwww.calculuscapital.com.calculuscapital.com CapitalCa ital is atat riskrissk 18 MARKETS WEDNESDAY 15 JANUARY 2020 CITYAM.COM

FTSE 100 FTSE 250 FTSE ALL SHARE DOW JONES NASDAQ S&P 500 /€ 1.1694 à 0.0037 €/$ 1.1130 Ä 0.0008 7622.35 21756.05 4229.23 28939.67 9251.33 3283.11 /$ 1.3016 à 0.0033 €/£ 0.8551 Ä 0.0028 4.75 39.29 3.45 32.62 22.60 5.02 £ /¥ 143.22 0.5200 €/¥ 122.47 0.0500 ÃÃÃà ÄÄ Ãà Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low GILTS ELECTRICITY Vietnam Enterprise .....465.0 0.5 509.0 421.5 Just Eat...... 894.4 0.4 901.0 587.4 LEISURE GOODS OIL & GAS PRODUCERS SUPPORT SERVICES AIM 50 VinaCapital Vietna ...... 324.0 -1.0 357.5 323.0 Kingfisher...... 218.5 4.5 266.2 185.9 Tsy 4.750 20 ...... 100.59 -0.02 104.4 100.6 Contour Global...... 195.0 0.0 222.5 159.1 Games Workshp ...... 6960.0 585.0 6960.0 2800.0 BP ...... 495.9 -1.2 582.5 462.4 Aggreko ...... 869.2 8.2 869.2 693.2 Abcam ...... 1370.0 17.0 1500.0 1066.0 Witan Invest ...... 235.0 0.0 235.0 197.4 Tsy 8.000 21...... 110.38 -0.04 117.0 110.3 Drax Gp ...... 293.2 2.0 413.8 251.0 Marks & Spencer ...... 185.0 -4.5 303.2 163.9 LIFE INSURANCE Cairn Energy...... 195.4 -0.4 213.8 143.1 Ashtead Gp ...... 2445.0 -24.0 2473.0 1805.5 Wwide Healthcare .....3135.0 -25.0 3255.0 2495.0 Advanced Medical ...... 277.0 -13.0 354.5 225.0 Tsy 2.500 24 ...... 362.61 0.44 377.9 358.8 SSE ...... 1458.5 14.0 1467.5 1008.0 Next ...... 6838.0 110.0 7340.0 4644.0 Energean Oil & Gas .....895.0 0.0 1082.0 613.3 Babcock Intl Grp...... 632.6 -5.8 646.6 416.7 Aviva ...... 411.0 -0.6 438.8 352.3 Alliance Pharma ...... 81.3 0.2 84.5 61.0 Tsy 5.000 25 ...... 122.77 0.10 126.0 122.1 FIXED LINE TELECOMMUNICATIONS Pets at Home Gp ...... 273.0 1.4 287.8 120.0 Premier Oil ...... 114.5 -1.2 117.8 65.1 ELECTRONIC & ELECTRICAL EQUIPMENT Lancashire Hldgs ...... 760.0 -11.0 780.5 561.5 Bunzl ...... 2098.0 17.0 2551.0 1943.0 Vivo Energy ...... 119.4 -1.4 139.5 111.4 Royal Dutch Shell A....2257.0 -11.0 2612.0 2144.5 ASOS...... 3326.0 26.0 4066.0 2107.0 Tsy 4.250 27 ...... 128.39 0.25 132.8 125.2 Halma ...... 2103.0 -12.0 2164.0 1385.0 BT Gp ...... 185.6 -3.8 238.9 158.9 Legal & General ...... 303.0 0.8 317.7 216.7 Capita ...... 170.0 3.3 183.0 99.9 Watches of Switz ...... 380.0 11.6 390.0 270.0 Royal Dutch Shell ...2271.5 -8.5 2622.0 2126.5 Blue Prism ...... 1230.0 -6.0 1472.0 788.0 Tsy 6.000 28 ...... 146.42 0.30 152.1 143.1 Morgan Advanced ...... 313.8 1.6 324.8 232.4 Talktalk Telecom ...... 116.8 -1.5 126.5 96.5 Phoenix Gp ...... 742.0 8.1 758.7 617.1 DCC ...... 6576.0 32.0 7496.0 6225.0 WH Smith...... 2528.0 36.0 2654.0 1861.0 Tullow Oil ...... 59.2 -3.1 250.0 39.9 Camellia ...... 8525.0 -175.0 11750.0 8475.0 Tsy 4.125 30 ...... 380.38 1.22 404.2 364.2 Oxford Instruments .. 1570.0 6.0 1626.0 866.0 Telecom Plus ...... 1518.0 2.0 1534.0 1130.0 Prudential ...... 1454.0 -17.5 1790.0 1279.5 Diploma ...... 1901.0 -7.0 2084.0 1260.0 HEALTH CARE EQUIPMENT & SERVICES OIL EQUIPMENT & SERVICES Tsy 4.250 32...... 139.73 0.40 146.4 132.4 Renishaw ...... 3700.0 0.0 4670.0 3232.0 FOOD & DRUG RETAILERS St James Place ...... 1112.0 -8.0 1199.5 913.6 Electrocomp ...... 688.4 -1.2 729.8 530.2 Caretech Holdings ...... 470.0 -3.0 473.0 325.0 Tsy 4.250 36 ...... 147.57 0.51 155.7 137.5 Spectris ...... 2823.0 -7.0 2962.0 2234.0 Greggs ...... 2428.0 32.0 2476.0 1496.0 Convatec ...... 217.3 3.5 217.3 118.5 Std Life Aberdeen ...... 312.1 0.1 336.9 231.1 Hunting ...... 381.2 -13.8 657.0 363.8 Equiniti ...... 215.0 -0.4 236.2 186.2 Central Asia Metals ....230.0 2.0 266.5 180.0 Tsy 4.750 38...... 162.07 0.57 171.8 150.0 EQUITY INVESTMENT INSTRUMENTS Morrison (WM) ...... 192.5 3.5 245.8 176.9 Mediclinic Intl ...... 411.9 6.3 415.3 293.4 MEDIA Petrofac ...... 385.3 -3.5 559.0 374.4 Essentra ...... 418.8 0.2 449.0 357.4 Clinigen Group ...... 940.0 33.0 1069.0 737.5 Tsy 4.250 46 ...... 169.36 0.89 181.0 1.0 Ocado Gp ...... 1303.0 23.0 1435.0 873.8 NMC Health ...... 1385.0 128.5 3000.0 1256.5 Wood Gp(J) ...... 379.3 -7.4 598.6 319.6 Experian ...... 2598.0 32.0 2631.0 1874.5 3i Infrastructure ...... 297.5 1.0 306.5 264.1 4imprint ...... 3280.0 -40.0 3500.0 1855.0 CVS Group ...... 1163.0 26.0 1163.0 395.0 AEROSPACE & DEFENCE Sainsbury(J) ...... 220.5 0.0 293.9 177.1 Smith & Neph...... 1875.5 6.5 1990.0 1405.5 PERSONAL GOODS Ferguson ...... 7216.0 50.0 7216.0 4800.0 Aberforth Smlr Cos ..1490.0 -8.0 1546.0 1114.0 Ascential ...... 412.4 2.6 412.4 319.0 Dart Group ...... 1803.0 -3.0 1817.0 709.5 SSP Group ...... 686.0 7.0 721.0 608.0 UDG Hlthcare ...... 805.5 12.0 832.5 551.0 BAE Systems ...... 612.2 -1.8 614.0 443.9 Alliance Trust ...... 863.0 1.0 863.0 708.0 Auto Trader Gp ...... 578.0 3.0 607.6 445.3 Burberry Gp...... 2271.0 29.0 2345.0 1695.0 G4S ...... 206.5 1.0 234.3 168.3 Tesco ...... 250.1 1.5 258.9 212.6 HOUSEHOLD GOODS Diversified Gas & Oil ....104.5 -1.5 116.5 97.0 Cobham ...... 164.5 0.1 168.3 99.8 AVI Global Trust...... 794.0 4.0 794.0 695.0 Euromny Inst Inv...... 1300.0 0.0 1498.0 1152.0 PZ Cussons ...... 203.5 3.0 227.0 178.6 Hays ...... 172.9 2.5 183.5 138.0 Draper Esprit ...... 480.0 -7.0 548.0 410.0 Meggitt ...... 694.8 -2.4 697.2 489.9 Baillie Gifford Japan ...845.0 -1.0 848.0 711.0 FOOD PRODUCERS Barratt Devel ...... 781.0 12.6 781.0 516.6 Future ...... 1416.0 26.0 1572.0 491.0 PHARMACEUTICALS & BIOTECHNOLOGY Homeserve ...... 1309.0 13.0 1316.0 874.0 QinetiQ ...... 358.4 4.2 367.4 267.0 Intertek Gp ...... 5892.0 44.0 5962.0 4643.0 EMIS Group ...... 1162.0 -6.0 1242.0 890.0 Bankers InvTst ...... 1016.0 -2.0 1018.0 803.0 Assoc British Foods...2561.0 -14.0 2672.0 2106.0 Bellway ...... 3999.0 99.0 3999.0 2698.0 Informa ...... 839.6 -3.8 892.0 653.6 AstraZeneca ...... 7691.0 41.0 7808.0 5325.0 Rolls-Royce ...... 673.6 -2.0 988.4 665.6 IWG...... 450.2 5.1 450.2 220.2 Fevertree Drinks ...... 2000.0 50.5 2475.0 1732.5 BlackRock Smaller .....1716.0 4.0 1726.0 1280.0 Bakkavor ...... 138.0 -0.8 170.0 93.3 Berkeley Grp Hldgs ..4880.0 32.0 5214.0 3437.0 ITV ...... 145.8 -1.9 156.5 103.6 Dechra Pharma ...... 3058.0 -4.0 3062.0 2290.0 Senior ...... 179.0 -0.7 239.2 165.7 BMO Global Smaller ...... 145.4 -0.4 150.0 127.0 Cranswick ...... 3382.0 98.0 3464.0 2472.0 Countryside Prop ...... 487.0 10.6 487.0 277.6 Moneysupermkt.com ...333.0 -1.0 417.7 289.1 Genus ...... 3084.0 -20.0 3246.0 2158.0 Network Int...... 583.0 2.0 645.0 513.0 First Derivatives ...... 2515.0 -85.0 3555.0 2050.0 Ultra Electronics ...... 2292.0 16.0 2292.0 1232.0 Caledonia Inv ...... 3110.0 -30.0 3180.0 2910.0 Greencore Gp ...... 248.8 0.0 281.8 185.1 Crest Nicholson ...... 432.4 3.4 445.0 332.0 Pearson ...... 605.0 -20.6 943.8 605.0 GlaxoSmithKline ...... 1804.4 -4.8 1818.8 1436.0 Pagegroup ...... 488.6 20.4 539.0 367.8 Frontier Devs ...... 1266.0 40.0 1266.0 844.0 AUTOMOBILES & PARTS City of London IT ...... 441.5 -1.5 448.5 381.5 Hilton Food Gp ...... 1054.0 -10.0 1118.0 894.0 McCarthy & Stone...... 142.2 0.2 158.8 123.5 RELX ...... 1974.5 28.0 2011.0 1606.0 Hikma Pharma ...... 1944.5 16.5 2200.0 1510.5 Paypoint...... 1058.0 16.0 1118.0 820.0 Gamma Comms ...... 1335.0 10.0 1390.0 778.0 Edin Inv Trust ...... 628.0 -1.0 652.0 535.0 Tate & Lyle ...... 786.4 -2.4 800.4 663.8 Persimmon ...... 2796.0 61.0 2826.0 1836.0 Rightmove Group ...... 656.2 10.4 656.2 465.9 Rentokil Initial ...... 456.7 5.0 467.8 329.0 Aston Martin...... 460.2 -1.7 1374.4 399.3 REAL ESTATE GB Group ...... 717.0 -14.0 800.0 420.0 TI Fluid Systems ...... 250.0 -3.0 273.0 155.2 European Opp ...... 849.0 2.0 875.0 675.0 Unilever ...... 4319.5 -23.5 5324.0 3941.0 Sanne Group ...... 611.0 -19.0 752.0 450.0 Assura ...... 76.7 0.2 79.3 53.5 Gooch & Housego ...... 1422.5 -5.0 1527.5 954.0 BANKS F&C Investment ...... 772.0 -1.0 778.0 655.0 FORESTRY & PAPER MAIN CHANGES UK 350 Serco ...... 162.7 2.5 165.0 110.1 Fidelity China SPE ...... 246.5 -2.5 250.0 193.4 Big Yellow Gp ...... 1151.0 -29.0 1200.0 918.0 Hurricane Energy ...... 27.3 -1.7 53.6 27.3 Mondi ...... 1630.0 -43.0 1898.0 1510.5 SIG ...... 95.2 1.9 153.0 93.2 Barclays ...... 181.0 -0.7 192.5 136.2 % % BMO Comm Prop ...... 110.8 -1.4 131.2 106.0 Fidelity Euro Values ....264.5 0.0 264.5 214.0 GENERAL FINANCIAL Risers à Fallers Ä Travis Perkins...... 1619.0 38.5 1692.5 1166.0 Impax Asset Mgmt .....390.0 12.0 394.0 184.0 BGEO Group ...... 1630.0 -5.0 1755.0 1252.0 NMC Health ...... 1385.00 10.2 Elementis...... 140.50 -14.7 British Land ...... 585.2 -2.2 638.8 468.3 Fidelity Spec Val ...... 277.5 -1.0 280.5 240.5 TECHNOLOGY HARDWARE & EQUIPMENT Iomart Group ...... 376.0 -1.5 400.0 316.5 HSBC Hldgs...... 590.4 -0.4 680.6 552.3 Finsbury G&I Tst ...... 881.0 -5.0 958.0 757.0 3i Group ...... 1100.5 -3.0 1184.5 810.8 Games Workshp ...... 6960.00 9.2 Centamin ...... 118.35 -7.0 Captl & Count Prop ...... 258.9 2.9 270.5 184.8 IQE...... 48.1 -0.2 98.0 41.8 Lloyds Banking ...... 58.8 0.0 67.2 48.6 GCP Infra Inv ...... 132.6 0.4 132.6 122.6 Ashmore Gp ...... 547.0 17.0 547.0 367.8 Vistry Group ...... 1342.00 4.4 Tullow Oil ...... 59.18 -5.0 CLS Hldgs ...... 283.5 -1.5 312.5 212.0 Spirent Comms ...... 233.5 0.0 251.5 139.0 James Halstead ...... 550.0 -6.0 560.0 440.0 Royal Bank of Scot ...... 230.7 -1.3 270.4 177.7 Genesis Emerging ...... 803.0 -2.0 805.0 660.0 Brewin Dolphin ...... 356.8 2.8 375.2 287.6 Pagegroup ...... 488.60 4.4 Evraz ...... 395.10 -4.2 Daejan Hldgs ...... 5420.0 120.0 6160.0 4715.0 TOBACCO Grafton Group ...... 894.50 4.3 Savills ...... 1188.00 -3.6 .....716.6 2.6 738.6 575.7 Greencoat UK ...... 149.4 0.2 152.8 128.8 Close Brothers ...... 1599.0 4.0 1663.0 1227.0 Derwent London ...... 3928.0 8.0 4010.0 2884.0 Johnson Service Gp ....208.0 0.0 211.5 128.0 Frasers Group...... 518.00 4.2 Hunting ...... 381.20 -3.5 Br Am Tob ...... 3483.0 -12.0 3495.0 2375.0 TBC Bank Group...... 1260.0 -16.0 1706.0 1150.0 Harbourvest Glb ...... 1818.0 -10.0 1832.0 1394.0 Coats Group ...... 78.2 1.6 91.3 68.1 Grainger ...... 303.0 0.0 315.6 214.8 Keywords Studios ...... 1525.0 17.0 1838.0 900.0 Taylor Wimpey...... 209.90 3.9 Hochschild Mining ...... 164.10 -3.4 Imperial Brands ...... 1988.8 16.4 2713.5 1668.2 UK ...... 175.3 -2.6 220.1 104.4 Finablr ...... 131.1 4.1 215.0 126.0 Grt Portland Est ...... 894.4 16.4 894.4 649.4 Herald Inv Trust ...... 1486.0 -4.0 1514.0 1160.0 Dixons Carphone ...... 143.90 3.9 Pearson ...... 605.00 -3.3 Learning Tech Gp ...... 137.2 2.2 143.0 62.2 Hargreaves Lans...... 1812.0 -18.0 2433.0 1633.0 Hammerson ...... 272.5 -0.2 388.4 203.9 TRAVEL & LEISURE BEVERAGES HICL Infr ...... 172.0 1.2 174.0 156.6 Vodafone Gp ...... 156.54 3.2 Sanne Group ...... 611.00 -3.0 M&C Saatchi ...... 110.0 -1.0 394.0 79.0 JPM American ...... 500.0 0.5 500.0 411.0 IG Gp...... 688.6 5.4 708.0 474.8 Land Securities...... 959.8 6.6 1001.5 735.4 Carnival ...... 3598.0 36.0 4430.0 3056.0 Barr (AG) ...... 545.0 -8.0 975.0 526.0 Finablr ...... 131.10 3.2 Safestore Hldgs ...... 760.50 -2.7 M.P. Evans ...... 720.0 0.0 750.0 612.0 JPM Emerg Mkt ...... 1082.0 -2.0 1084.0 861.0 Integrafin Holdings .....442.0 0.0 462.0 315.0 LondonMetric Prop ...... 225.4 -0.6 241.2 176.6 Cineworld Group ...... 198.9 -1.8 321.0 191.0 Britvic ...... 872.5 -9.5 1068.0 850.0 Majestic Wine ...... 220.0 -5.0 318.0 213.0 JPM Indian IT ...... 759.0 -2.0 790.0 633.0 Intermediate Capital .1651.0 5.0 1651.0 971.5 Reckitt Benckiser ...... 6143.0 55.0 6688.0 5593.0 WPP ...... 1039.5 -23.0 1077.5 800.4 NewRiver Retail ...... 194.2 -1.8 246.0 147.6 Compass Gp ...... 1956.0 26.0 2138.0 1583.0 Coca-Cola HBC AG ...... 2711.0 31.0 3074.0 2299.0 JPM Japan IT ...... 468.0 -3.5 477.5 368.0 Intl Public Prtnshps .....166.2 0.4 171.0 146.8 Redrow...... 768.0 2.0 771.0 533.0 MINING Primary Hlth Prop ...... 159.0 1.4 160.0 112.0 Midwich Group ...... 535.0 -15.0 633.0 474.5 Diageo ...... 3231.0 -1.5 3625.5 2701.0 Dominos Pizza ...... 303.5 -2.8 326.4 221.2 Jupiter Fund Mngt ...... 390.3 -0.7 432.0 311.9 Investec ...... 436.6 3.9 518.6 395.3 Taylor Wimpey ...... 209.9 7.9 209.9 142.9 Safestore Hldgs ...... 760.5 -21.0 817.5 527.5 Mortgage Advice B ...... 734.0 28.0 795.0 546.0 CHEMICALS Anglo American ...... 2172.5 -13.0 2266.0 1666.6 easyJet ...... 1509.0 17.0 1509.0 854.8 IP Group ...... 67.7 0.0 112.4 55.7 Vistry Group ...... 1342.0 57.0 1399.0 957.0 Savills ...... 1188.0 -44.0 1232.0 748.5 Law Debenture ...... 642.0 -4.0 654.0 552.0 Antofagasta ...... 977.0 6.2 1022.5 779.6 EI Group ...... 284.0 -0.2 285.0 194.0 Next Fifteen Comm .....552.0 -4.0 658.0 465.0 Croda International ...5145.0 30.0 5375.0 4564.0 Mercantile IT ...... 260.0 0.0 267.5 188.0 John Laing Gp ...... 386.2 -1.8 402.0 339.0 SEGRO ...... 872.2 -1.4 900.0 623.6 INDUSTRIAL ENGINEERING BHP Group ...... 1806.8 2.2 2049.0 1563.0 FirstGroup ...... 126.4 3.3 137.5 89.0 Nichols...... 1420.0 40.0 1880.0 1380.0 Elementis...... 140.5 -24.2 197.9 129.8 Monks Inv Tst ...... 986.0 -2.0 988.0 768.0 London Stock Exch ....7546.0 -20.0 7766.0 4404.0 Shaftesbury ...... 909.0 -4.5 979.5 739.5 Bodycote ...... 928.5 1.0 971.0 652.0 Centamin ...... 118.3 -8.8 152.3 79.8 Flutter Ent...... 9096.0 -114.0 9456.0 5525.0 Numis Corporation ...... 280.0 0.5 306.0 212.0 Johnson Matt...... 2931.0 -52.0 3454.0 2770.0 Murray Intl Tst ...... 1246.0 -12.0 1286.0 1114.0 Man Group ...... 153.6 1.3 175.2 130.5 St Modwen Props ...... 491.0 -9.0 510.0 373.0 Hill & Smith ...... 1454.0 -15.0 1510.0 1049.0 Fresnillo ...... 609.0 -10.0 1027.5 539.6 Go-Ahead Gp ...... 2110.0 -14.0 2278.0 1706.0 Synthomer ...... 333.6 -7.2 420.8 279.0 Next Energy Solar ...... 123.5 -1.5 126.5 112.0 Onesavings ...... 416.8 -3.2 452.0 313.6 TR Property IT ...... 481.0 -3.0 491.5 377.0 Polar Capital Hdgs ...... 571.0 3.0 604.0 450.0 IMI ...... 1177.5 4.5 1206.0 906.0 Glencore ...... 242.7 0.3 340.3 216.9 GVC Hldgs ...... 925.0 2.4 939.0 507.5 Victrex ...... 2432.0 -22.0 2540.0 1845.0 Pantheon Intl Partn ..2420.0 -30.0 2620.0 2020.0 Paragon...... 495.2 -9.8 553.5 388.0 Tritax Big Box ...... 141.4 -0.6 159.7 135.3 Purplebricks Gp ...... 124.0 2.0 132.0 96.0 Plus500 ...... 949.6 11.4 1647.0 495.0 Melrose Ind ...... 237.9 1.6 242.3 156.8 Hochschild Mining ...... 164.1 -5.8 227.0 152.0 UK Commercial Prop .....85.8 -0.4 92.7 79.9 Intercontl Htls ...... 5035.0 -16.0 5738.0 4257.5 CONSTRUCTION & MATERIALS Perpetual Inc & Grth ...328.0 -1.5 342.0 284.5 Redde...... 106.4 -0.8 127.6 100.6 Provident Fin ...... 421.9 -1.7 610.0 356.0 RHI Magnesita ...... 3660.0 -58.0 5000.0 3420.0 Kaz Minerals ...... 570.0 6.0 738.4 380.3 Unite Group ...... 1259.0 9.0 1261.0 855.0 Intl Cons Airl...... 646.8 -9.0 667.6 413.5 Pershing Square ...... 1538.0 8.0 1570.0 1102.0 Renew Holdings...... 532.0 18.0 568.0 358.0 Balfour Beatty ...... 262.0 -1.6 295.0 194.2 Workspace Gp ...... 1154.0 -7.0 1198.0 806.0 Marstons ...... 120.8 2.4 131.4 93.3 Personal Assets Tst ....42950 -50.0 43150 39000 Quilter ...... 158.8 -3.8 167.6 120.8 Rotork ...... 326.3 2.8 341.2 266.5 Polymet Int...... 1241.0 5.5 1272.0 772.6 CRH ...... 3018.0 -20.0 3100.0 2169.0 Mitchells & Butlers ..... 425.0 4.5 470.5 238.0 RWS Holdings ...... 611.0 -8.0 670.0 450.0 Polar Cap Tech Tst ...... 1672.0 -2.0 1674.0 1154.0 Rathbone Brothers ....2100.0 10.0 2540.0 2045.0 Spirax-Sarco...... 9065.0 50.0 9400.0 6240.0 Rio Tinto ...... 4545.0 -10.0 4976.5 3761.5 SOFTWARE & COMPUTER SERVICES Galliford Try...... 158.3 0.6 177.2 102.4 Schroders ...... 3274.0 14.0 3419.0 2541.0 National Express ...... 465.2 1.0 476.0 379.0 Scapa Group ...... 276.0 11.0 403.0 157.0 Renewables Infra Gp ...136.0 -0.6 139.2 115.4 Weir Gp ...... 1498.5 -10.5 1814.0 1261.5 MOBILE TELECOMMUNICATIONS Avast...... 510.0 -1.5 511.5 276.0 Grafton Group...... 894.5 36.5 937.0 645.5 TP ICAP ...... 405.5 4.0 417.5 270.0 PPHE Hotel Gp ...... 1960.0 0.0 1990.0 1630.0 Secure Income REIT ...457.0 2.0 457.0 384.0 RIT Cap Partners ...... 2070.0 -10.0 2180.0 1944.0 INDUSTRIAL METALS Vodafone Gp ...... 156.5 4.9 165.2 123.3 Aveva Gp...... 4868.0 38.0 4868.0 2698.0 Ibstock ...... 299.6 -7.4 322.0 208.6 GENERAL RETAILERS Rank Gp ...... 265.0 -1.0 280.0 144.0 Schroder Asia ...... 481.0 -2.5 483.5 412.0 Evraz ...... 395.1 -17.4 709.4 341.4 Computacenter...... 1715.0 -11.0 1829.0 1008.0 Serica Energy...... 138.0 15.4 143.4 103.6 Marshalls ...... 817.0 -3.0 876.0 496.0 NONLIFE INSURANCE Restaurant Grp ...... 149.1 3.1 166.4 111.9 Scottish Inv Tst ...... 830.0 0.0 843.0 769.0 B&M ...... 382.2 9.9 420.9 313.4 FDM Group...... 1018.0 -8.0 1100.0 647.0 Smart Metering Sys.....553.5 2.0 665.0 310.0 Polypipe Group ...... 511.0 -6.5 546.5 370.2 Ferrexpo ...... 156.5 -1.1 301.3 123.0 Scottish Mortgage ...... 599.5 -2.0 601.5 465.7 Dixons Carphone ...... 143.9 5.4 150.0 104.9 Admiral Gp ...... 2318.0 12.0 2318.0 2014.0 Kainos Gp ...... 804.0 8.0 804.0 430.0 Stagecoach Gp...... 151.9 -1.6 167.0 115.5 DIVERSIFIED INDUSTRIALS INDUSTRIAL TRANSPORTATION Telford Homes ...... 349.5 0.0 358.0 267.0 Sequoia Econ Infra ...... 117.0 0.0 118.0 110.0 Dunelm Gp...... 1109.0 15.0 1173.0 685.5 Beazley ...... 527.0 -12.5 628.0 492.6 Micro Focus Intl ...... 1119.8 32.4 2160.0 1004.0 TUI AG ...... 918.0 -2.0 1213.5 698.0 Thorpe (F.W.) ...... 346.0 0.0 359.0 248.5 Smith (DS) ...... 367.6 -8.1 394.8 307.9 Smithson Inv ...... 1324.0 -4.0 1334.0 1016.0 Frasers Group ...... 518.0 21.0 518.0 214.0 Clarkson ...... 2905.0 -20.0 3030.0 2200.0 Direct Line Ins ...... 329.6 0.9 366.5 270.5 Playtech ...... 390.2 -5.6 457.7 360.5 Wetherspoon (JD) ..... 1599.0 -1.0 1734.0 1178.0 Smiths Gp...... 1733.5 -13.5 1748.0 1378.0 Syncona ...... 214.0 -4.5 294.0 203.0 Howden Joinery Gp.....680.6 11.0 685.8 478.8 Fisher (James) ...... 1992.0 10.0 2260.0 1790.0 Hastings Gp Hldgs ...... 185.6 0.3 231.6 167.9 Sage Group ...... 734.0 -1.8 820.4 593.0 Whitbread ...... 4779.0 69.0 5152.0 3988.0 Watkin Jones ...... 248.0 6.5 248.0 199.6 Smurfit Kappa Gp...... 2826.0 -48.0 2966.0 2096.0 Temple Bar IT ...... 1432.0 4.0 1486.0 1162.0 Inchcape...... 704.0 1.5 720.0 545.5 Royal Mail ...... 218.7 0.7 304.3 188.4 Hiscox ...... 1354.0 15.0 1777.0 1213.0 Softcat ...... 1221.0 3.0 1221.0 672.0 William Hill ...... 181.4 -4.6 205.2 132.3 Young’s Brew NV ...... 1275.0 0.0 1310.0 1030.0 Vesuvius...... 469.8 5.8 642.0 341.0 Templeton Em Mkts ....869.0 2.0 869.0 716.0 JD Sports Fashion ...... 854.2 13.4 854.2 434.6 Signature Avi ...... 324.9 0.0 406.0 285.2 RSA Ins Gp ...... 562.6 -2.6 597.0 501.6 Sophos ...... 567.8 -0.2 577.0 298.2 Wizz Air Holdings ...... 4329.0 45.0 4329.0 2880.0 Young’s Brew-A...... 1620.0 -2.5 1885.0 1475.0 EU SHARES US SHARES Price Chg High Low Price Chg High Low ADIDAS...... 313.25 4.10 310.00 197.00 3M ...... 181.37 0.45 219.50 150.74 AIR LIQUIDE ...... 127.00 0.75 130.80 103.95 ABBOTT LABORATORIES ...... 85.74 0.62 88.74 69.05 ALLIANZ AG ...... 218.85 -0.80 223.80 180.24 ADOBE INC ...... 344.63 -1.00 345.63 238.27 AMADEUS IT GROUP ...... 75.54 1.10 74.44 42.30 ALPHABET NON VTG-C ...... 1430.88 -8.35 1439.23 1036.23 ANHEUSER BUSCH INBEV ...... 72.03 -0.63 92.71 61.83 ALPHABET-A ...... 1430.59 -9.44 1440.03 1116.79 ASML HOLDING NV ...... 269.50 0.45 272.40 137.50 AMAZON.COM ...... 1869.44 -21.86 2020.99 1588.22 AXA ...... 24.68 -0.65 25.47 20.05 AMERICAN EXPRESS ...... 128.80 0.26 128.57 99.41 APPLE INC ...... 312.68 -4.28 316.96 152.70 ...... 309.45 -7.85 402.00 295.05 AT&T ...... 38.09 -0.01 39.63 29.37 BASF...... 64.76 -1.03 74.49 56.20 BANK OF AMERICA ...... 35.32 0.26 35.64 26.25 BAYER AG...... 74.54 -0.19 75.36 52.53 BERKSHIRE HATHAWAY...... 227.17 -1.28 228.65 195.81 BBVA ...... 4.86 -0.06 9.56 4.19 BOEING CO ...... 332.35 2.13 432.69 320.42 BMW ...... 73.30 -0.33 77.75 58.70 CATERPILLAR INC ...... 146.68 -0.14 150.53 113.38 BNP PARIBAS ...... 52.17 0.24 53.58 39.32 CHEVRON ...... 116.30 -0.36 126.54 111.39 CRH ...... 3018.00 -20.00 3100.00 2169.00 CISCO SYSTEMS ...... 47.79 -0.18 58.05 43.52 DAIMLER ...... 48.45 -0.44 59.31 40.53 CITIGROUP ...... 81.91 1.26 81.23 60.33 DANONE ...... 71.40 -0.86 82.00 61.47 COCA-COLA CO ...... 56.00 -0.13 56.13 44.69 DEUTSCHE POST AG ...... 34.13 0.41 34.91 25.02 COMCAST ...... 46.03 0.23 46.97 34.97 DEUTSCHE TELEKOM ...... 14.64 -0.01 16.25 14.10 DOW ...... 52.24 -0.11 66.65 40.71 ENEL ...... 7.40 0.00 7.42 5.10 EBAY INC ...... 35.35 0.62 41.57 30.29 ENGIE...... 14.81 0.01 15.12 12.45 EXXON MOBIL ...... 69.20 -0.60 83.38 66.70 ENI ...... 13.87 -0.17 15.94 13.04 FACEBOOK ...... 219.06 -2.85 221.91 174.60 ESSILORLUXOTTICA ...... 128.75 0.00 128.75 128.75 GOLDMAN SACHS GROUP ...... 245.66 0.45 245.21 182.49 FRESENIUS MEDICAL CARE ...... 67.24 0.94 76.32 57.92 HOME DEPOT INC ...... 222.81 -0.53 238.85 174.87 HONEYWELL INTERNATIONAL ...... 180.45 -0.82 182.01 138.02 IBERDROLA ...... 9.03 0.03 9.54 6.02 IBM ...... 135.82 -0.78 151.36 121.62 INDITEX ...... 31.50 -0.09 32.37 2.55 INTEL ...... 59.43 -0.16 60.84 43.46 ING GROEP NV...... 10.76 0.03 12.05 8.34 JOHNSON & JOHNSON ...... 146.52 0.82 146.44 126.95 INTESA SANPAOLO...... 2.35 0.01 2.41 1.83 JPMORGAN CHASE & CO ...... 138.80 1.60 141.09 98.93 KERING ...... 592.10 -1.70 600.90 397.00 MASTERCARD INC ...... 310.64 -4.57 315.21 197.77 KON KPN NV ...... 2.68 0.01 2.96 2.47 MCDONALD’S ...... 207.32 0.81 221.15 173.97 L’OREAL ...... 263.80 1.30 266.10 195.25 MEDTRONIC ...... 117.04 -0.97 118.64 84.15 LVMH MOET HENNESSY ...... 431.00 4.25 426.75 246.55 MERCK & CO ...... 89.93 0.42 92.04 72.92 MUENCHENER RUECKVE ...... 267.50 -0.10 268.70 190.45 COMMODITIES TOURIST RATES MICROSOFT ...... 162.13 -1.15 163.28 102.78 NOKIA ...... 21.88 0.00 21.88 21.88 NETFLIX ...... 338.69 -0.23 385.03 254.59 ORANGE ...... 13.04 -0.01 15.01 13.05 Gold ...... 1545.90 -4.10 Copper Cash Official...... 6176.75 +21.75 Canada ...... 1.63 New Zealand ...... 1.85 NIKE INC ...... 102.92 0.76 102.20 77.14 ROYAL PHILIPS ...... 44.90 0.55 44.69 31.05 Silver (Pence) ...... 1798.50 +7.00 Aluminium Cash Official ...... 1766.25 -5.00 Croatia ...... 7.94 Norway...... 10.85 ORACLE ...... 54.88 0.30 60.15 48.06 SAFRAN ...... 137.60 0.15 149.90 108.20 Silver (Cents) ...... 1387.00 +17.00 Nickel Cash Official ...... 14187.50 +142.50 Czech Republic ...... 26.93 Poland ...... 4.52 PAYPAL HOLDINGS ...... 114.64 -0.64 121.30 96.64 SANOFI ...... 91.27 -0.80 92.72 72.24 Krugerrand ...... 1560.83 -4.42 Aluminium Alloy Cash Official ...... 1335.00 -40.00 Denmark ...... 8.25 Singapore ...... 1.67 PEPSICO ...... 136.85 0.32 140.28 118.61 SAP SE ...... 123.60 -0.16 124.72 88.83 Brent Crude ...... 64.20 -0.78 Natural Gas ...... 31.34 +0.89 Hong Kong ...... 9.67 Sweden ...... 11.63 PFIZER INC ...... 40.07 0.66 44.40 34.24 SCHNEIDER ELECTRIC ...... 92.62 0.76 93.74 58.48 Platinum ...... 977.00 +8.00 Tin Cash Official ...... 17262.50 u/c Iceland ...... 146.27 Switzerland ...... 1.21 PROCTER & GAMBLE ...... 124.69 -0.19 126.09 90.44 TRAVELERS COMPANIES ...... 136.65 0.39 154.83 122.30 SIEMENS AG ...... 116.40 0.64 119.90 85.00 British Sovereign ...... 364.37 -1.02 Zinc Cash Official ...... 2366.25 -15.25 India ...... 82.38 Turkey ...... 7.50 TWITTER ...... 32.82 0.13 45.42 28.89 SOCIETE GENERALE...... 31.43 0.00 31.79 21.13 Lead Cash Official ...... 1891.25 -30.50 White Sugar ...... 383.20 +6.40 Israel ...... 4.26 United States ...... 1.36 UNITED HEALTH GROUP ...... 288.24 2.39 295.97 215.26 TELEFONICA SA ...... 6.07 -0.03 9.18 5.94 WORLD INDICIES UNITED TECHNOLOGIES ...... 151.54 -0.51 153.68 110.87 TOTAL ...... 49.16 -0.40 52.27 43.18 VERIZON COMMUNICATIONS ...... 59.04 -0.11 62.07 53.28 UNILEVER NV ...... 50.22 -0.04 57.56 46.03 Price Chg %Chg Price Chg %Chg Price Chg %Chg Price Chg %Chg VISA ...... 196.05 0.72 195.33 168.86 VINCI ...... 100.40 0.66 102.40 73.82 FTSE 100...... 7622.35 +4.75 +0.06 S&P 500...... 3283.11 -5.02 -0.15 CAC 40 ...... 6040.89 +4.75 +0.08 Hang Seng ...... 28885.14 -69.80 -0.24 WALGREENS BOOTS ALLIANCE...... 54.62 0.56 76.05 49.29 VIVENDI ...... 25.30 -0.40 26.42 21.49 FTSE 250 ...... 21756.05 +39.29 +0.18 Dow Jones I.A ...... 28939.67 +32.62 +0.11 Swiss Market Index ...... 10655.82 +33.41 +0.31 Nikkei ...... 24025.17 +174.60 +0.73 WALMART ...... 116.18 0.30 121.28 93.86 VOLKSWAGEN AG ...... 185.22 -0.06 185.52 138.16 FTSE All-Share ...... 4229.23 +3.45 +0.08 Nasdaq Composite ...... 9251.33 -22.60 -0.24 ISEQ Overall Index ...... 7249.22 +7.01 +0.10 STI Index ...... 3270.54 +19.47 +0.60 WALT DISNEY CO ...... 145.20 1.32 151.64 107.79 FTSE AIM All-Share ...... 969.74 +3.35 +0.35 Xetra DAX...... 13456.49 +4.97 +0.04 FTSEurofirst 300 ...... 1639.51 +3.86 +0.24 ASX All Ordinaries...... 7078.00 +57.80 +0.82 WELLS FARGO & CO ...... 49.30 -2.81 54.46 43.38 CITYAM.COM WEDNESDAY 15 JANUARY 2020 FEATURE 19 OFFICE POLITICS Stop that, move over, and let me do it

That’s how to demotivate someone — Micromanaging your staff is a quick way to fast. It also begs the question, if you’re doing their job, who’s doing demotivate them — give them space to grow your work? Sometimes, if a task is urgent or F YOU’RE a manager, knowing Elizabeth high stakes, it makes sense for the when to bite your tongue and say Kent boss to step in, or at least ask for reg- nothing can be tough, especially ular updates. But don’t assume that when you’re watching someone SOLVE THE people understand why you’re doing make a mistake that you know MYSTERY this. It’s best to be explicit and coach Ihow to avoid. the employee so that they understand Jump in too often, and you become Tiny Room what you’re doing and can learn to do a micromanager. Let people fail exces- Stories it on their own. sively, and they become disheartened Free Also, remember that getting the and inactive. How do you strike the most from your people takes time. right balance, when a mistake can chose that route is essential if you Mobile game You have to allow for this. You’ve prob- cost money and lose jobs? want them to learn and grow. Tiny Room ably been promoted due to your tech- It is all too easy to fall into micro- In these cases, you’ll want to keep Stories is a nical skill, so it’s frustrating seeing managing, especially with an inexpe- close to the employee, steering their combination of someone struggle. But your job is dif- rienced team, but as we all know, a decisions, encouraging them to do old-school ferent now. It’s about getting other good leader trains and delegates. more, and improving the quality of point’n’click people to do as good — or better — Of course, that’s very easy to say. The their work. Try not to get frustrated adventure work than you. reality is that allowing people to with staff — it’s easy to underestimate mechanics with It’s worth remembering that high- flourish needs time and focus — both how long it can take people to acquire It’s worth of the wider organisation. That means more modern performing teams are rare — really of which can be in short supply. a skill and deliver in their job. Remembering they’re on their own. escape game rare. According to the Harvard Busi- So what’s the solution? For most More junior or newer employees ob- that high- Of course, work that’s critical for the puzzles. You play ness Review, 75 per cent of them are managers, it’s about knowing when viously need this kind of increased su- performing boss to do, such as strategic planning, a detective dysfunctional. If you want to ensure to be hands-on and micromanage, pervision and support. But over time, teams are rare needs to remain with you. exploring a that yours is one of the successful and when to step back. once they have developed, you then and that 75 per It’s your job to focus the bulk of your deserted city in ones, you need to act as a coach, ask As a manager, you want your people need to step back and give them space cent of them are energy where you truly add value — search of your lots of questions, and encourage peo- to be as efficient as possible. Less ex- — otherwise, you’re at risk of being dysfunctional not on micromanaging. dad. The puzzles ple to learn new skills. perienced staff or those who have perceived as micromanaging, It can be especially tempting to mi- are challenging, So even if you enjoy being a hands- changed careers need development This initially hands-on approach in- cromanage when things go wrong. If and the graphics on leader, getting stuck in when the and supervision to be effective. They volves a significant investment from a team member makes a mistake or are wonderfully going gets tough, learn to step back — also need guidance in understanding the manager, who then must back off isn’t getting work done fast enough, designed. so that your team can learn to step up. how the organisation operates. Ex- as the employee grows in confidence it’s easy to step in and do it yourself. plaining why a decision is being and competence. They have now However, if you finish “their” proj- £ Elizabeth Kent is chief operating officer made, for example, and why you earned your trust, and hopefully that ect, you’re doing someone else’s job. at Bishopsgate Financial.

CITYAM.COM WEDNESDAY 15 JANUARY 2020 FEATURE 21 PERSONAL FINANCE Franz Doerr explains how Open Banking will THE NEXT make things better for business and consumers REVOLUTION HE SAYING that the “cus- tomer is king” has been an ac- cepted truism for a long time. But it is only recently that this has really been the case, withT technology largely driving a shift of power away from traditional providers to the consumer. Think of how music streaming serv- ices like Spotify completely changed how we listen to music. Similarly, Net- flix and Amazon Prime disrupted how we consume films and television. Over the last decade, we truly saw choice, convenience, and ease become the new normal for consumers — espe- cially in entertainment and leisure. In contrast, services around our per- sonal finances have arguably lagged behind. But that’s about to change. In this new decade, the next tech- nology-driven revolution set to make life easier for the everyday consumer — from saving, to switching bank ac- counts, or even gaining loyalty points at your favourite lunch spot — will be based on Open Banking. Open Banking builds on the revised European Union legislation Payment Services Directive (also known as PSD2), and since coming into force on 13 January 2018, it has required British banks to share customer data with established high street competi- tors and challenger banks. Prior to Open Banking, banks would not share financial data with each other. Instead, they jealously guarded it. But by freeing up this information, products and services which rely on that data — such as fintechs and bank- ing — can become more attuned to the individual. That will enable com- panies to ditch the cookie-cutter prod- ucts, and instead offer services and deals that are tailored to each individ- ual’s lifestyle, preferences, and needs — as well as helping them to avoid get- ting into debt. Ultimately, that will mean better ac- cess to the right products in the future for consumers, because banks better understand them. It will also allow ac- count aggregation and instant trans- fers of payments. HSBC’s Connected Money app was a good example of how this changes everyday banking: it allowed cus- tomers to view all their accounts at up to 21 different banks in one place. However, Open Banking is still in its infancy. To start fulfilling its potential, wide-scale adoption is necessary, meaning a number of teething issues will need to be overcome. permission to connect to a bank ac- to the nearest pound for either a char- move into a property on the same day Barriers to its full rollout have count and use that information in ity or for your own savings. as viewing it, and landlords and agents ranged from first phase bank-created order to provide a service) issued in Simply put, clever companies will can rest assured that the information systems being unreliable, through to the UK increased from 37 to 88, ac- harness this technology, as it enables provided is genuine. consumer concerns around privacy cording to consulting firm Penser. I them to adapt to meet consumer de- This simple use of a new technology and security. expect that rise to only continue. mand for the seamless simplicity that is the kind of smart innovation that Understandably, consumers have Crucially, Open Banking’s impact In today’s super- they already enjoy when it comes to Open Banking empowers. been initially wary of sharing financial will not be limited to just how you music streaming or ordering a cab In today’s super-competitive con- information. But this will change as bank. We’ve already started to see the competitive through an app. sumer landscape, where everyone ex- people become more educated about integration of payments into the con- Even how you rent can be trans- pects an individual service, being able the benefits. For example, PwC reckons sumer experience across areas like re- landscape, being formed. For example, at flatfair, we are to offer a bespoke product to the ever that two thirds of adults will adopt tail, and 2020 will be the year that this able to offer a using Open Banking to enable instant more tech-savvy consumer will be cru- Open Banking by 2022. starts to become commonplace. referencing to make the process of cial for businesses. Open Banking en- And we are now seeing an increas- Over the next few years, we’ll see bespoke product renting a property easier and faster for ables this across a broad range of ing appetite among service providers more and more brands accepting pay- tenants, landlords, and agents. Elimi- products and sectors. Get ready for the to make use of Open Banking. Last ment directly in their apps, and form- to tech-savvy nating needless paperwork and speed- next consumer revolution. year, the number of Account Infor- ing partnerships with budgeting tools consumers will ing up this process benefits everyone, mation Service Provider licences like challenger banks and saving apps and creates a more trustworthy and £ Franz Doerr is chief executive and (which allow a business to ask for that let you round up card payments be crucial transparent experience. Tenants can founder of flatfair. 22 LIFE&STYLE WEDNESDAY 15 JANUARY 2020 CITYAM.COM FOOD&DRINK

Clockwise from main: The Moving Mountains burger, now available from Sainsbury’s; Subway’s Meatless Meatball Marinara Sub; Brewdog’s Seitan Wings; Gizzi Erskine’s F!lth Burger; Wagamama’s watermelon ‘tuna’ THE RISE OF THE VEGANS Whether you’re flexitarian, vegetarian, vegan or something in between, you’ll want to sample these meatless marvels. Now available everywhere.

GREGGS VEGAN STEAK BAKE SUBWAY’S MEATLESS texture. This towering masterpiece is The rampant veganisation of Greggs MEATBALL MARINARA SUB completed with vegan smoked gouda, continues apace with the lauch of a plant- The plant-based cover version of Subway’s ketchup, chipotle mayo and shoestring based alternative to its most popular meatball melt is almost convincing enough fries. This is a glorious burger, a shining menu item. The vegan steak bake employs to make you wonder if your sandwich example of the advances vegan science Quorn chunks in a rich onion gravy, artist had mixed up your order, though the has made in recent years. wrapped in a 96 layer crispy puff pastry. addition of tasteless, alien cheese gives the Like Furbies in 1994, the hotly anticipated game away. The chunky, meatless orbs KFC’S ORIGINAL vegan steak bake is selling out everywhere drenched in a sweet marinara sauce really RECIPE VEGAN BURGER it can be found. So, to help guide you to can’t be faulted however, easily measuring Top vegan scientists are yet to recreate your nearest one, Greggs has launched a up to whatever grade of minced decent plant-based chicken, but KFC’s vegan steak bake finder on its website. beef Subway uses in its vegan burger – a Quorn fillet seasoned in regular sandwiches. the unmistakeable flavours of Sanders’ WAGAMAMA VEGAN SUIKA TUNA own spice rack – is testament to just how The vegan revolution has generally been COSTA’S QUORN much heavy lifting those 11 herbs and pretty well-received (aside from Piers HAM AND spices do. Bite into it with a positive Morgan pretending to puke a Gregg’s CHEEZE outlook and an open mind, and you could vegan sausage roll into a waste paper Costa Coffee, mistake it for a wonky Zinger. basket live on morning TV, which is, has produced peversely, something of an endorsement), a vegan GIZZI ERSKINE'S F!LTH BURGER but Wagamama’s vegan “tuna” hasn’t alternative to Famous for her vegan junk food, Gizzi fared quite so well. Crafted from its ham and Erskine’s F!lth Burger is now available from dehydrated, seared and sliced cheese a brand new pop-up restaurant a couple of watermelon, the texture is in the same toastie as part doors down from world-renowned Lyle’s. ball-park as tuna, but the flavour is of its limited The burger is made from black bean, black resolutely melon, and not in a good way. edition lentil, and soy patty, while the distinctive And it costs £12.95, which is... not cheap. January vegan pink bun is coloured with beetroot and BURGER KING REBEL WHOPPER NEIL menu. It is, to sprinkled with black sesame. It’s designed MOVING MOUNTAIN’S BURGER The burger equivalent of an own goal, RANKIN’S Costa’s unending to taste like a regular cheese burger of the One of the very first ‘bleeding’ burgers to Burger King’s Rebel Whopper snatches SIMPLICITY credit, exactly as deliciously sloppy, Meat Liquor variety. reach the market, Moving Mountains made meaty defeat from the jaws of vegan BURGER plain and boring as the headlines with its plant-based alternative victory by cooking its plant-based patty in It’s not only fast and version made from pigs. BREWDOG’S SEITAN WINGS to beef patties. Unlike the sad, bean-based beef juices and adding egg mayonnaise. casual dining outlets with Scottish pub chain Brewdog has teamed veggie burgers before it, the B12 burger Whether it’s down to the delicious taste of plant-based burgers on the brain. HONEST BURGER’S up with fakey fried chicken shop turned was marketed to meat-eaters looking to residual meat-grease or something eIse Celebrity chef Neil Rankin, a man almost BACON PLANT BURGER vegan junk food mecca Temple of Seitan to cut down on their beefy intake, rather than entirely, it tastes remarkably similar to a inextricably associated with meat, spent Honest Burger expands its plant-based bring its legendary seitan wings to bars up to the already crowded vegetarian market. regular Whopper. If you occupy the subset months devising a perfect vegan burger offering with this limited edition fakey and down the country. They come doused The result was a burger that – alongside of people who want to dial back the that would be the equal to its meat-based bacon burger, which comprises a Beyond in Brewdog’s in-house hot sauce. Head to rivals Beyond and Impossible – kickstarted amount of cow they’re ingesting while equivalent. It’s made using pickled and Meat patty topped with a soy-and-pea Brewdog Dalston, where the burger menu a vegan revolution. It’s available to buy steadfastly refusing to reduce their fermented vegetables and is available protein mixture pounded into something is supplied by Biff’s Jack Shack, for even now from Sainsbury’s stores. patronage of Burger King, fill your boots. from Simplicity Burger on Brick Lane. resembling bacon strips in both taste and more vegan filth. CITYAM.COM WEDNESDAY 15 JANUARY 2020 LIFE&STYLE 23

WINES OF THE WEEK Gezellig wine buyer Wieteke Teppema picks two more bottles to add to your collection 1. 2.

CITY AM CLUB PARTNER SPOTLIGHT City A.M. Club partner MBER is the perfect spot for entertaining clients – and Club members get 20 per cent off their final bill. Founder RESTAURANTS Rob Pierre introduces the restaurant. LIFESTYLE TELL US ABOUT YOURSELF and there are private dining spaces for EVENTS Although I was born in England, my entertaining clients . childhood was spent in Trinidad. Trinidad is It can be difficult to find the perfect party The City A.M. Club is a new and exclusive membership programme designed known for its diverse and eclectic food venue in the City, so we installed a DJ specifically for you— London’s professionals. We have curated a program that scene, with strong influences from Indian booth and sound system throughout the matches your shared lifestyles with London’s favourite restaurants & brands and Creole cuisines. I grew up with lots of bar and restaurant to cater for private hire each providing a totally unique experience for City A.M. Club members. From spices and variety in my food experiences, functions. We’re not open on Saturday 1. 2016 CHATEAU PESQUIÉ, LE discounts, to added value, experiences and events—the City A.M. Club is here PARADOU VIOGNIER, RHONE which ignited my passion for fusion foods lunch, Sundays or Mondays, so it can be to take you through your day, morning till night. Are you in? and made me want to open a restaurant of hired during premium times. Sunshine in a glass. Touch of peach my own. and honeysuckle that will remind you WHAT’S THE STORY of long summery evenings. Perfect for WHAT MADE YOU BEHIND MBER? per year a retro classic prawn cocktail. OPEN A RESTAURANT? We’re located on Pudding Lane, just a Purchase through Stannary Wine. £10.50, stannarywine.com I love pan-Asian and fusion cuisines, so stone’s throw away from Monument. The JOIN THE CLUB TODAY VISIT CITYAMCLUB.COM when this opportunity came up I couldn’t name MBER – pronounced Ember – is turn it down. It’s been a learning curve, but I inspired by the historic events that took 2. 2017 DOMAINE DE FA, had to stay true to my motto that more is place on this street, where the Great Fire of is our Wagyu beef and foie gras burger, tasting events – check out our Instagram BEAUJOLAIS, FRANCE lost from indecision than wrong decisions. London started in 1666. This theme runs which was named one of the top five best page for more information. And don’t As a businessman in the City – I’m the through everything, from our menu, to burgers in London by Visit London. Before forget.. Anyone in the City AM Club gets 20 Beaujolais that’s worth getting also CEO and co-founder of global digital our cocktails and the restaurant design, dinner, head to the bar to enjoy one of our per cent off their final bill. excited about. This is a refreshing red marketing company Jellyfish, co-founder which includes lots of burnt Japanese cocktails – the 1666 is my favourite, with with luscious raspberry notes. It can of tech platform Infinity, an investor in app cedar, coppers, low lighting and warm the smokey flavour inspired by (you £Find out more: mber.london even be served chilled, should you platform Disciple, and owner of a golf travel woods to create an intimate atmosphere. guessed it...) the location’s heritage. save it for Spring. Great with a simple company – I was always on the lookout for quiche and salad for a healthy option. the perfect entertaining space for clients, as WHAT ARE YOUR WHAT’S NEXT FOR MBER? £15.95, yapp.co.uk well as somewhere to relax after a long day. MUST-TRY DISHES? We will launch our new a la carte menu MBER ticks all of those boxes – you can go The Vietnamese goat curry and the black soon. And we’ve partnered with £ For more information on there for drinks and dinner with friends, cod are both delicious, but my top choice Glassmates to run whisky, rum and gin Gezellig go to gezellig.co.uk

THIS WEEK’S RECIPE: MARK HIX one looking for meat-free options. £ 30 ml sweet soy sauce (ketjap manis) adjust accordingly with more flour or water. Here’s how I make it. £ 100g tomato ketchup £ Mix the onions with the batter a Anybody can enjoy Chef and few pieces at a time. Fry them restaurateur KOREAN FRIED ONIONS METHOD a few pieces at a time Veganuary – and £Mix the ingredients (depending on the size of INGREDIENTS (SERVES 4) together for the sauce your fryer), turning you don’t need to £ 2 medium sized onions, peeled and cut £Whisk the flour them in the oil with a resort to quinoa into 1cm rings with enough water slotted spoon until £ 1tsp black sesame seeds (optional) to make a smooth golden. Remove verybody seems to be doing Even if you’re not planning to £ Vegetable or corn oil for frying batter and season from the oil, drain on Veganuary this year. Heck, overhaul your body and mind £ 1 tsp white sesame seeds to taste. Separate some kitchen paper even I’m giving it a go. I through a radical change in your £ A few sprigs of coriander the onion layers and continue with doubt I’ll last the whole diet, it’s really simple to knock up into rings. the rest of the month, but I was inspired by tasty plant-based dishes, avoiding FOR THE BATTER £Preheat about onions. Ethat Game Changers documentary the pomegranate and quinoa and £ 100g gluten free self raising flour 8cm of oil to 160- £ To serve, toss the on Netflix, which follows a UFC seeds that seemed to put people £ Enough cold water to make a light batter 180°C in a large, thick onions in the sauce in a fighter as he explores how different off for so long. At the Tramshed £ Salt and black pepper bottomed saucepan or bowl then transfer to a diets affect top athletes. By my calcu- and Hixter we serve Korean fried electric deep fat fryer. serving plate and scatter with lations, I should be ready for my first chicken and there will be a vegan FOR THE SAUCE £Test a piece of onion in the batter the sesame seeds and scatter over cage fight some time around March. alternative on the menu for any- £ 120g Gochujang (hot pepper sauce) to ensure it sticks and isn’t too heavy; the coriander. 24 PUNTER WEDNESDAY 15 JANUARY 2020 CITYAM.COM THE PUNTER HONG KONG RACING TRADER Victory looks In Hand for Highly Proactive backers

(24) have had their stables in great Wally Pyrah form this season, and it’s a matter of them keeping their horses bubbling previews today’s over for the foreseeable future. Victory In Affable and highly respected, Lui Hand can win card from must be on cloud nine at present. As again at well as having leading HK Derby fancy Happy Valley Happy Valley More Than This and champion Golden Sixty, who heads for the Four-Year-Old IVEN we are four months into Classic Series, his stable has been firing This progressive four-year-old landed some cover from the off and stalk the quicken clear in the closing stages to the season, the trainers’ on all cylinders. a massive gamble over the track and early pace until the home straight, he win a highly-competitive handicap. championship leaderboard in Lui has saddled an impressive 10 win- trip last month, when leading all the will be difficult to stop, especially The handicapper looks to have acted GHong Kong makes for surpris- ners and 10 places from his last 58 run- way and then quickening clear in the when the ‘Mauritian Magician’ un- on the side of leniency by only upping ing reading. ners, which is only bettered by Yui, closing stages to win with plenty in leashes his smart finishing kick. him 6lbs, and this time fortune has The top three are all local handlers, with a dozen victories in the last 10 hand. Teetan, who has an impressive part- smiled on him, with an all-important while the likes of past and present meetings. An 8lb penalty and an awkward draw nership record with Lui this season, inside draw in stall three. champions John Moore and John Size The 60-year-old trainer sends half-a- will make life tougher this time having ridden a handful of winners He is mapped to get a dream journey, are well off the pace. dozen raiders to the inner-city track around, especially with a couple of from just seven rides, is also aboard sitting just off the early pace along the Of course, the wheels of fortune can today and will surely be disappointed speedy types like Loriz and Mehboob Lui’s HIGHLY PROACTIVE, who seeks to rails and then dashing for glory turn- soon change in the frenetic environ- if he doesn’t leave without at least a likely to bag the rails from the off. defy a 6lb rise in the six-furlong Chater ing into the home straight. ment of Hong Kong racing, especially winning double. However, Victory In Hand has contin- Handicap (2.50pm). when Moore and Size still have a stable His best chances appear to be two ued to impress work watchers over the Highly Proactive could not have suf- POINTERS full of heavy artillery who have yet to last-start winners, starting with VIC- last month and looks to have made fered a tougher journey last time, see the racecourse. TORY IN HAND who lines up in the substantial improvement since that when racing from the outside draw he Victory In Hand 1.15pm Happy Valley Nevertheless, Ricky Yiu with 33 win- Hong Kong Challenge Cup (1.15pm) victory. was caught three wide for the majority Highly Proactive 2.50pm Happy Valley ners, Francis Lui (27) and Danny Shum over six furlongs. If his jockey Karis Teetan can find of the race, but still managed to Trainer Ferraris can continue fine form with Bear Again

MAJOR feature of this season’s eight of them have come at Happy He subsequently returned to the magical 23 seconds. This former UK galloper, who ran Aracing in Hong Kong has been the Valley. Valley last month making no mistake Obviously the handicapper wasn’t under the same name when trained by upturn in fortunes of trainer A recent winner, BEAR AGAIN, will under a fine ride by Alexis Badel, happy, giving him a hefty 10lb penalty, Richard Hannon, won in impressive David Ferraris. seek to repeat that triumph when he leading all the way and having most of but there are reasons to believe this fashion over the track and trip at Former four-time South African lines up in the Edinburgh Handicap his rivals off the bridle and going highly progressive gelding is capable of Christmas, but still needs to improve champion handler Ferraris has found it (1.45pm) over the extended mile. nowhere before turning into the home stepping up in class against better again to trouble Bear Again. tough going in the territory over recent This lightly-raced five-year-old had straight. company. years, but has bounced back into the served notice he was about to peak He looked like he could have doubled With the inside draw a bonus, he is POINTERS limelight this season. when finishing fifth in a bunched the winning margin of four lengths, guaranteed to produce similar tactics He has trained a dozen winners so finish over course and distance in and equally impressive was his closing again and has last start winner Bear Again 1.45pm Happy Valley far this term and more importantly October. 400m sectional time of under the Magnificent to beat.

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9 RACESRACES ATATH HAPPYAPPYV VALLEYVAALLEY1 10:450:45AMA – 2:502:50PM CITYAM.COM WEDNESDAY 15 JANUARY 2020 PUNTER 25

4 55814- GUNNAR (20) (T) (C,BF) (G) 8 000- GAYSON (31) (B) 2 4/237- JUMBO HAPPINESS (84) (C) HAPPY VALLEY (8) C Fownes 5-9-5 ...... L Hewitson 74 (8) John Moore 5-8-10 ...... B Shinn 98 (7) C Fownes 7-9-2 ...... N Callan 93 Runs: 10 Wins: 1 Places: 3 Runs: 3 Wins: 0 Places: 0 Runs: 20 Wins: 3 Places: 5

Going: GOOD 5 FIRE BALL 9 53215- TOP SCORE (28) (TB) (C) (G) 3 7/113- HARMONY AND RICH (35) (H) (G,GS) (4) C Yip 4-8-13 ...... J Moreira - (4) K Lui 8-8-8 ...... C Y Ho 91 (8) W So 4-8-13 ...... T Piccone 99 Runs: 0 Wins: 0 Places: 0 Runs: 34 Wins: 5 Places: 6 Runs: 4 Wins: 2 Places: 1 MURRAY HANDICAP (CLASS 5) (3YO+) (COURSE C+3) 10.45(TURF) 5f 3yo plus12 dec. 6 0- WE THE SOUTH (31) (TB) 10 96740- BIG BANG BONG (25) (T) (CD) (G) 4 /090-8 THE WEATHERMAN (10) (GF,S,GS) (6) John Moore 4-8-13 ...... N Callan 31 (9) C Chang 7-8-7 ...... G Van Niekerk 96 (10) D Whyte 4-8-13 ...... K Leung 97 1 08/00- GOLDEN GENERAL (227) (P) Runs: 1 Wins: 0 Places: 0 Runs: 55 Wins: 5 Places: 10 Runs: 10 Wins: 3 Places: 1 (10) J Ting 7-9-7 ...... H T Mo(3) 56 7 30900- LOOK ERAS (20) (TB) (C) 11 0906-0 CHUNG WAH SPIRIT (14) (T) (D) (A) 5 81234- MASSIVE POCKET (25) (D) (GF) Runs: 4 Wins: 0 Places: 0 (7) Y Tsui 7-8-12 ...... K H A Chan(10) 79 (11) C Yip 7-8-3 ...... T So(2) 94 (11) K Lui 7-8-11 ...... C Y Ho 98 2 04600- PROMISE KEPT (28) (T) Runs: 39 Wins: 2 Places: 11 Runs: 38 Wins: 3 Places: 6 Runs: 14 Wins: 1 Places: 4 (3) A Millard 7-9-7 ...... L Hewitson 58 8 09- GALAXY EMPEROR (20) (HT) 6 611- FLYING GENIUS (28) (T) (CD) (G,GF) Runs: 8 Wins: 0 Places: 0 :BETTING: 2 Picken, 4 Surrealism, 11/2 Namjong Plus, 9 Big Bang Bong, (1) A Cruz 4-8-11 ...... K Teetan 72 Vigor Fame, 12 Planet Star, Superbella, 16 Top Score, (4) A Cruz 4-8-9 ...... K Teetan 100 3 50006- MULTIMAX (20) (B) (CD) (G) Runs: 2 Wins: 0 Places: 0 20 Others Runs: 3 Wins: 2 Places: 0 (1) L Ho 9-9-5 ...... H Lai 59 9 83542- WINNING WAYS (28) (HT) 7 99155- ALLIED AGILITY (45) (HT) (D) (G,GF) Runs: 50 Wins: 3 Places: 8 THE HONG KONG CLUB CHALLENGE CUP (HANDICAP) (CLASS 4) (12) C Shum 6-8-9...... B Shinn 79 (9) P Yiu 5-8-8 ...... M Chadwick 95 4 9090-5 NICE FANDANGO (10) (H) (C,D) (G,GF) 1.15(3YO+) (COURSE C+3) (TURF) 6f 3yo plus12 dec. Runs: 28 Wins: 2 Places: 5 Runs: 7 Wins: 2 Places: 0 (11) C Fownes 7-9-5 ...... B Shinn 62 10 73317- GOUTEN OF GARO (20) (TB) (CD) (G) 1 9014-6 LORIZ (7) (B) (CD,BF) (G,GF) 8 31763- HONG KONG WIN (25) (B) (CD) (G) Runs: 45 Wins: 4 Places: 11 (2) D Ferraris 7-8-6 ...... A Badel 74 (8) P Yiu 5-9-7 ...... K H A Chan(10) 75 (6) J Size 5-8-7 ...... J Moreira 94 5 9469-6 DEMONS ROCK (10) (B) Runs: 26 Wins: 1 Places: 7 Runs: 13 Wins: 2 Places: 0 Runs: 8 Wins: 1 Places: 4 (9) D Hall 5-9-3 ...... M Poon(2): 54 11 0060- OVERSUBSCRIBED (17) (H) 2 6257-3 CASA DE FORCA (7) (P) (GF,A) 9 1/688- UNIQUE TREASURE (249) (H) (D) (A,GF) Runs: 31 Wins: 4 Places: 3 (5) D Hall 5-8-6 ...... M Poon(2) 74 (10) A Cruz 5-9-5 ...... T Piccone: 78 (3) J Ting 5-8-7 ...... M Yeung 95 6 59898- FLYING MONKEY (35) (T) (CD) (GF) Runs: 4 Wins: 0 Places: 0 Runs: 22 Wins: 3 Places: 4 Runs: 7 Wins: 2 Places: 0 (8) T Yung 8-9-3 ...... A Badel 66 12 00323- HAPPY GOOD GUYS (28) (B) 3 0809-7 FANTASTIC FABIO (7) (B) (CD) (GY,GF,G) 10 19/04- BEAUT BEAUT (35) (HV) (CD) (G,GF) Runs: 28 Wins: 2 Places: 3 (11) P Yiu 5-8-5 ...... S De Sousa 74 (2) C Yip 7-9-4 ...... H T Mo(3) 76 (12) L Ho 7-8-4 ...... A Badel 91 7 99846- GREAT SON (42) (TB) (CD) (G) Runs: 8 Wins: 0 Places: 3 Runs: 42 Wins: 5 Places: 6 Runs: 21 Wins: 3 Places: 5 (5) P O’Sullivan 6-9-2 ...... N Callan 59 13 0/070- HUMBLE STEED (17) 4 30671- VICTORY IN HAND (35) (T) (CD) (G) 11 46131- G UNIT (20) (CD) (G) Runs: 21 Wins: 2 Places: 2 (13) T Yung 6-8-1 ...... RESERVE 71 (9) K Lui 5-9-3 ...... K Teetan 79 (1) John Moore 4-8-4 ...... G Van Niekerk 98 8 90002- ROMAN ODYSSEY (35) (T) Runs: 5 Wins: 0 Places: 0 Runs: 6 Wins: 1 Places: 1 Runs: 7 Wins: 2 Places: 2 (4) K Man 9-9-1 ...... M Chadwick 66 1 14 SMART THINKER (B ) 5 82312- MEHBOOB (20) (CD) (G) 12 0570-0 THE RUNNER (7) (B) Runs: 30 Wins: 1 Places: 8 1 (14) Richard Gibson 4-9-4 ...... RESERVE - (4) P O’Sullivan 5-9-2 ...... M Chadwick 78 (2) D Whyte 5-8-4 ...... L Hewitson 95 9 00350- ROYAL CHOCOLATE (20) (TB ) Runs: 0 Wins: 0 Places: 0 Runs: 8 Wins: 1 Places: 3 Runs: 7 Wins: 0 Places: 1 (2) W So 7-9-1 ...... K Teetan 64 6 39968- SUPER LUCKY (49) (H) (CD) (G) 13 05738- PRIVATE ROCKET (35) (P) (A,GF) Runs: 23 Wins: 0 Places: 7 :BETTING: 2 Fire Ball, 5 Gouten Of Garo, Gunnar, 7 Happy Good Guys, Winning Ways, 16 Look Eras, Precious Sweetie, (1) C Fownes 7-8-13 ...... A Badel 79 (13) D Whyte 4-8-13 ...... RESERVE 95 10 68078- JIMSON THE DRAGON (25) (TB) 20 Others Runs: 21 Wins: 1 Places: 3 Runs: 13 Wins: 2 Places: 3 (6) C Yip 6-9-0 ...... K H A Chan(10) 66 7 4-0 WILD WEST WING (10) (BF) 14 0007-0 HOME MADE (7) (TB) Runs: 13 Wins: 0 Places: 1 ICE HOUSE HANDICAP (CLASS 4) (3YO+) (COURSE C+3) 12.15 (11) J Size 4-8-13 ...... J Moreira 73 (14) Y Tsui 5-8-10 ...... RESERVE 98 11 52953- NASHASHUK (20) (ET) (C) (TURF) 1m 3yo plus12 dec. Runs: 2 Wins: 0 Places: 0 Runs: 11 Wins: 0 Places: 1

(12) J Size 8-8-3 ...... J Moreira 59 1 08865- HARRIER JET (17) (TV) (C) (GF) 8 85258- TRAVEL DATUK (20) (B) (D) Runs: 32 Wins: 1 Places: 4 :BETTING: 5/2 Flying Genius, 3 G Unit, 6 Hong Kong Win, 7 Heart Conquered, (10) P O’Sullivan 9-9-7 ...... S De Sousa: 82 (6) Richard Gibson 7-8-11 ...... S De Sousa 77 8 Harmony And Rich, Massive Pocket, 14 Allied Agility, Beaut Beaut, 12 80458- KEEP GOING (17) Runs: 42 Wins: 2 Places: 9 Runs: 41 Wins: 1 Places: 12 16 Jumbo Happiness, 20 Others

(7) Y Tsui 6-8-3 ...... H N J Wong(3) 60 2 93872- HEAVENLY THOUGHT (35) (H) (BF) (G) 9 78059- GRAND HARBOUR (20) (HT) (D) (A,SW) Runs: 22 Wins: 0 Places: 0 CHATER HANDICAP (CLASS 3) (3YO+) (COURSE C+3) (11) F Lor 6-9-7 ...... J Moreira 82 (7) C Chang 10-8-9 ...... G Van Niekerk 76 2.50(TURF) 6f 3yo plus12 dec. 13 0234-0 LA BOMBA (10) (B) Runs: 18 Wins: 1 Places: 3 Runs: 54 Wins: 3 Places: 14

(13) D Whyte 6-9-2 ...... RESERVE 61 3 00838- PRETTY BAUHINIA (20) (B) (CD) (G) 10 29725- THE ABRAXAS (20) (B) (BF) 1 3133-2 SHINING ACE (7) (B) (CD) (GY,GF,G) Runs: 10 Wins: 0 Places: 2 (9) Y Tsui 8-9-5 ...... K Teetan 80 (5) Y Tsui 6-8-8 ...... H N J Wong(3) 79 (5) J Size 5-9-7 ...... B Shinn: 95

14 09652- WHISTLE UP (25) Runs: 33 Wins: 4 Places: 4 Runs: 15 Wins: 0 Places: 2 Runs: 16 Wins: 4 Places: 7

(14) L Ho 7-8-1 ...... RESERVE 65 4 04362- CHARITY WINGS (20) (B) (CD) (G,GF) 11 80046- ALL BEST FRIENDS (31) (B) (CD) (G,A) 2 321- HIGHLY PROACTIVE (28) (HT) (CD) (GF) Runs: 25 Wins: 0 Places: 6 (4) C Shum 7-9-2...... T Piccone 77 (12) K Man 7-8-4 ...... H Lai 78 (3) K Lui 5-9-6 ...... K Teetan 96 BETTING: 4 Multimax, Nashashuk, 5 Roman Odyssey, 6 Great Son, Runs: 33 Wins: 3 Places: 8 Runs: 45 Wins: 3 Places: 4 Runs: 3 Wins: 1 Places: 2 : 7 Royal Chocolate, 10 Nice Fandango, Promise Kept, 12 Demons Rock, 20 Others 5 17606- PLAY WISE (28) (B) (CD) (G) 12 0000-8 WONDER WIN (14) (HE) 3 1112- SNAP FIT (20) (TB) (C) (G) CLUB STREET HANDICAP (CLASS 4) (3YO+) (COURSE C+3) (1) C Yip 7-9-2 ...... M Poon(2) 80 (3) L Ho 5-8-3 ...... T So(2) 68 (12) C Fownes 6-9-3 ...... J Moreira 98 Runs: 28 Wins: 1 Places: 6 Runs: 5 Wins: 0 Places: 0 Runs: 4 Wins: 3 Places: 1 11.15(TURF) 6f 3yo plus12 dec. 6 TUNG WAH GLORY (E/S) 13 55587- STARLIT KNIGHT (17) (C) (GF,G) 4 55389- BREEDERS’ STAR (28) (H) (CD) (G,GF)

1 0- MR WISEGUY (17) (B) (12) T Yung 5-8-13 ...... M Yeung - (13) Y Tsui 8-9-1 ...... RESERVE 79 (2) D Ferraris 8-8-12 ...... A Badel 97

(9) D Whyte 4-9-7 ...... L Hewitson 50 Runs: 0 Wins: 0 Places: 0 Runs: 42 Wins: 3 Places: 5 Runs: 44 Wins: 5 Places: 6

Runs: 1 Wins: 0 Places: 0 7 56910- INDIGENOUS STAR (20) (CD) (G,GF) :BETTING: 5/2 Victory In Hand, 9/2 Mehboob, Wild West Wing, 5 0/40- COPARTNER SPIRIT (25) (H) 2 0938-0 JOLLY CONVERGENCE (7) (P) (CD) (G) (5) P Yiu 7-8-11 ...... H Lai 72 15/2 The Abraxas, 9 Casa De Forca, 12 Loriz, 16 Travel Datuk, 18 Super Lucky, (10) Richard Gibson 5-8-12 ...... H T Mo(3) 55 (4) Richard Gibson 7-9-6 ...... N Callan 75 Runs: 37 Wins: 4 Places: 9 20 Others Runs: 3 Wins: 0 Places: 0

Runs: 47 Wins: 5 Places: 5 8 5271-8 MISTER MONTE (10) (B) (CD) (GF,A) 6 41008- MAGIC SUPREME (25) (G) EDINBURGH HANDICAP (DIV II) (CLASS 3) (3YO+) 3 07797- PERFECT TO PLAY (20) (HT) (C) (GF,G) (7) C Chang 7-8-11 ...... G Van Niekerk 78 1.45(COURSE C+3) (TURF) 1m 3yo plus12 dec. (8) John Moore 5-8-11 ...... G Van Niekerk 78 (2) C Fownes 6-9-5 ...... C Y Ho: 78 Runs: 39 Wins: 3 Places: 7 Runs: 5 Wins: 1 Places: 0 Runs: 30 Wins: 2 Places: 5 9 70571- MANAGEMENT STAR (20) (TB) (CD) (G) 1 /3368- SAVVY NINE (17) (T) (G) 7 0-0 SMILING CITY (14) (P) 4 0700-0 KING PRINT (7) (B) (HY) (3) K Lui 7-8-10 ...... A Badel 73 (7) John Moore 4-9-7 ...... L Hewitson: 105 (11) D Whyte 5-8-11 ...... L Hewitson 86 (6) C Yip 5-9-4 ...... H Lai 75 Runs: 20 Wins: 2 Places: 4 Runs: 7 Wins: 1 Places: 2 Runs: 2 Wins: 0 Places: 0 Runs: 8 Wins: 1 Places: 0 10 00306- ELECTRIC LIGHTNING (20) (TB) (CD) (G,GF) 2 90721- MAGNIFICENT (20) (CD) (G) 8 11- MARVEL DRAGON (235) (T) (D) (G) 5 6616-0 MY FAMILY (14) (C) (G) (8) D Ferraris 7-8-9 ...... K H A Chan(10) 82 (2) L Ho 5-9-5 ...... H T Mo(3) 92 (9) T Yung 5-8-9 ...... M Yeung - (11) Y Tsui 5-9-3 ...... H N J Wong(3) 69 Runs: 34 Wins: 3 Places: 5 Runs: 23 Wins: 2 Places: 7 Runs: 2 Wins: 2 Places: 0

Runs: 6 Wins: 1 Places: 0 1 11 59701- LIGHTNING STEED (28) (T) (CD) (G,GF) 3 00523- WARM THE VOICE (80) (TB) (CD) (G) 9 76326- STARLIGHT (20) (B ) (CD) (G,GY) 6 45540- AMAZING (31) (T) (2) C Fownes 6-8-7 ...... M Chadwick 77 (11) K Lui 5-9-5 ...... C Y Ho 94 (7) C Yip 8-8-9 ...... K H A Chan(10) 95 (10) T Yung 7-9-1 ...... K Leung 78 Runs: 20 Wins: 2 Places: 3 Runs: 17 Wins: 4 Places: 3 Runs: 47 Wins: 7 Places: 10

Runs: 25 Wins: 2 Places: 5 12 08000- GREEN GENERATION (17) (B) 4 /0000- ANONYMA (20) (T) (G) 10 74029- MOMENTUM GALAXY (53) (HE) (G) 7 80885- EXCEPTIONAL DESIRE (25) (B) (CD) (G) (6) D Hall 6-8-1 ...... T So(2) 75 (4) D Ferraris 6-9-0 ...... N Callan 79 (1) J Ting 5-8-5 ...... K Leung 94 (12) W So 7-8-11 ...... T Piccone 77 Runs: 5 Wins: 0 Places: 0 Runs: 5 Wins: 1 Places: 0 Runs: 12 Wins: 1 Places: 2

Runs: 30 Wins: 3 Places: 6 1 13 6708- FULL POWER (25) (B ) 5 70551- BEAR AGAIN (28) (CD) (GF) 11 7900-6 TAILOR MADE (14) (G) 8 6623-4 NICE KICK (14) (E/S) (D) (G) (13) Richard Gibson 4-8-12 ...... RESERVE 77 (1) D Ferraris 6-9-0 ...... A Badel 94 (6) C Chang 4-8-5 ...... C Y Ho 98 (8) J Size 7-8-11 ...... J Moreira 76 Runs: 4 Wins: 0 Places: 0 Runs: 11 Wins: 1 Places: 0 Runs: 8 Wins: 1 Places: 0

Runs: 31 Wins: 2 Places: 8 14 29338- CALIFORNIA LEGEND (17) (T) (D) (G) 6 09160- MONGOLIAN LEGEND (17) (D) (A) 12 2040-0 TEAM FORTUNE (14) (TB) (D) 9 55191- AFTER ME (35) (T) (CD) (GF,G) (14) A Cruz 5-8-8 ...... RESERVE 77 (3) Y Tsui 7-8-11 ...... H Lai 93 (4) W So 9-8-4 ...... H N J Wong(3) 90 (3) P Yiu 5-8-10 ...... M Chadwick 73 Runs: 15 Wins: 1 Places: 3 Runs: 23 Wins: 2 Places: 1 Runs: 29 Wins: 3 Places: 6

Runs: 23 Wins: 3 Places: 2 BETTING: 9/4 Heavenly Thought, 11/2 Management Star, 6 Charity Wings, 7 36045- SOLAR WAI WAI (20) (G) 13 2418-5 FRESH POWER (14) (TB) (D) (G,GF) : 10 970- JOY AVENUE (20) Lightning Steed, 10 Harrier Jet, Play Wise, 12 Tung Wah Glory, 14 Pretty Bauhinia, (6) F Lor 5-8-11 ...... G Van Niekerk 97 (13) Y Tsui 7-8-2 ...... RESERVE 91 (7) C Yip 4-8-9 ...... K Teetan 70 16 Electric Lightning, 20 Others Runs: 11 Wins: 2 Places: 3 Runs: 26 Wins: 2 Places: 6

Runs: 3 Wins: 0 Places: 0 8 79069- BEAUTY ICON (17) (TB) (G) EDINBURGH HANDICAP (DIV I) (CLASS 3) (3YO+) (COURSE 14 1770- CALIFORNIA LEVEE (17) (HTP) (G) 11 08063- THE SHOW (25) (B) (CD) (G,GF) 12.45C+3) (TURF) 1m 3yo plus11 dec. (12) A Cruz 5-8-9 ...... T Piccone 100 (14) A Cruz 4-8-8 ...... RESERVE 98 (5) C Chang 10-8-8 ...... G Van Niekerk 77 Runs: 11 Wins: 1 Places: 0 Runs: 4 Wins: 1 Places: 0

Runs: 50 Wins: 4 Places: 9 1 /5049- EPIC (297) (P) (D) (GS) 9 2/00-0 LONDON LUCKYSTAR (14) (B) (A) BETTING: 15/8 Highly Proactive, 7/2 Snap Fit, 5 Shining Ace, 14 Starlight, : 12 89465- FLYING GODSPELL (35) (D) (A) (7) Richard Gibson 5-9-7 ...... N Callan: 97 (5) D Whyte 4-8-9 ...... J Moreira 97 20 Others (1) J Ting 7-8-5 ...... M Poon(2) 75 Runs: 12 Wins: 2 Places: 1 Runs: 8 Wins: 1 Places: 2

Runs: 38 Wins: 3 Places: 6 2 /1486- NAMJONG PLUS (17) (C,D) (GY,GF,G) 10 59305- TRIUMPHANT HORSE (35) (B) Happy Valley Racecourse Turf Track Starts 13 55587- STARLIT KNIGHT (17) (C) (GF,G) (5) Y Tsui 7-9-6 ...... M Yeung 92 (9) J Ting 6-8-5 ...... S De Sousa 98 (13) Y Tsui 8-9-3 ...... RESERVE 77 Runs: 17 Wins: 5 Places: 4 Runs: 8 Wins: 0 Places: 1 1000M 2400M 2200M Runs: 42 Wins: 3 Places: 5 3 23458- PLANET STAR (28) (B) (CD) (G) 11 03893- RULE THEE (38) (C) (G) :BETTING: 5/2 Nice Kick, 3 Flying Godspell, 9/2 The Show, 6 After Me, (1) P O’Sullivan 7-9-2 ...... K Leung 94 (8) P O’Sullivan 8-8-3 ...... K Leung 105 10 Exceptional Desire, 12 Perfect To Play, 14 Amazing, 20 Others Runs: 31 Wins: 4 Places: 10 Runs: 32 Wins: 3 Places: 5

4 2/11- SUPERBELLA (218) (D) (GF,HY) LAMBETH HANDICAP (CLASS 4) (3YO+) (COURSE C+3) 12 9878-5 COMFORT LIFE (10) (T) (GF) (6) F Lor 4-9-2 ...... A Badel 100 11.45(TURF) 5f 3yo plus12 dec. (10) F Lor 7-8-2 ...... M Yeung 101 Runs: 3 Wins: 2 Places: 1 Runs: 23 Wins: 1 Places: 3

1 07450- MEGA RED (31) (B) 5 45066- VIGOR FAME (67) (HT) (GF) :BETTING: 2 Bear Again, 7/2 Magnificent, 6 Triumphant Horse, 7 Rule Thee, (10) C Chang 9-9-7 ...... H N J Wong(3): 79 (2) J Ting 6-8-12 ...... S De Sousa 97 8 Solar Wai Wai, 14 London Luckystar, 16 Savvy Nine, Runs: 18 Wins: 2 Places: 1 Runs: 21 Wins: 2 Places: 4 20 Others W 2 41260- PRECIOUS SWEETIE (56) (HT) (C) (G) 6 4537-8 PICKEN (10) (G) CONNAUGHT HANDICAP (CLASS 3) (3YO+) (COURSE C+3) (3) L Ho 6-9-7 ...... M Yeung 75 (10) J Size 6-8-11 ...... J Moreira 93 2.15(TURF) 5f 3yo plus12 dec. Runs: 16 Wins: 2 Places: 4 Runs: 19 Wins: 3 Places: 5

3 19498- EVERBRAVE (42) (CD) (G) 7 00252- SURREALISM (35) (H) (D,BF) (GF,GS) 1 2535-3 HEART CONQUERED (14) (D) (G,S) (9) K Man 7-9-5 ...... C Y Ho 75 (3) D Ferraris 5-8-11 ...... K Teetan 100 (5) Richard Gibson 5-9-7 ...... S De Sousa: 101 Runs: 24 Wins: 1 Places: 4 Runs: 18 Wins: 3 Places: 5 Runs: 12 Wins: 4 Places: 3 Cards provided by 26 SPORT WEDNESDAY 15 JANUARY 2020 CITYAM.COM SPORT CHANGING OF

O Premier League manager wants an FA Cup replay, es- pecially around the busy THE GUARD winter period when squads tend to be thinner and thoseN remaining fit players are more prone to injuries. Eriksen outshone by Lo But, after a run of four games with- out a win, Jose Mourinho can reflect Celso and Lamela as Spurs on a third round replay which went against the grain. Spurs needed a vic- end winless run against tory following a period which he cat- egorised pre-match in typical Middlesbrough, writes Mourinho fashion as a “difficult mo- Felix Keith ment”. And against an in-form Mid- dlesbrough side they got one for which they were largely good value. The absence of through injury was keenly felt, with no out- and-out striker in the entire match- day squad, but Tottenham still fashioned ample opportunities to overcome their Championship oppo- sition, albeit with their now-custom- ary late wobble thrown in. ERIKSEN’S MIND ELSEWHERE The build-up to the match was domi- nated by Christian Eriksen, with Mourinho admitting injuries meant he would continue to play the Dane, despite his waning performances and clear desire to leave the club. “Playing when he’s legally free to ne- gotiate with another club, does that affect his performance? I think so,” Mourinho said before kick-off. “But what he tries to do every game is to give his best to the team.” On this evidence his best isn’t nearly as influential as it used to be. Eriksen was outshone on the pitch by the man who could well become his successor. arrived in the sum- mer with plenty of hype and, al- FA CUP Troy Parrott on it will have prompted with becoming a fre- bia centre-back set the tone early on though it has taken some time for a few tuts in the home stands. quent liability, his breakthrough is with a shaky back-header to Gaz- him to settle, we are beginning to see SPURS BORO However, there was one ray of light well timed. zaniga and continued in that vein, why. The Argentinian may have been from a youngster, with right-back misjudging the flight of the ball on gifted his goal by goalkeeper Tomas earning the man of SHAKY SANCHEZ two occasions, shanking an easy clear- Mejias’ loose pass but the early strike the match award for Spurs. Having been thoroughly outplayed in ance out for a corner and losing the gave him confidence. Frequently cut- The 20-year-old nearly scored his the first half, Middlesbrough im- header from which George Saville ri- ting inside from the right flank, Lo first goal for the club in the first half, proved in the second and ensured fled in a late goal from range. Celso was a constant threat and it was 21Lo Celso 2’, Saville 83’ drilling a low shot narrowly wide that Mourinho has now overseen just Although they got a much-needed he and fellow goalscorer Lamela 15’ after being well found on the overlap. one clean sheet in his 14 games in victory which sends them through to (pictured) who were at the heart of all He also put in two excellent crosses, charge of Spurs. face Southampton at St Mary’s in the of Tottenham’s attacking play. the first of which an offside Ryan On this occasion that was not the fourth round, the defining feature of By contrast, Eriksen was sloppy, giv- Sessegnon spurned from a yard out, fault of stand-in goalkeeper Paulo Mourinho’s stint at the club re- ing away possession too easily and al- TANGANGA IMPRESSIVE and the second which came from a Gazzaniga, who made some impor- mained unchanged. lowing the game to pass him by. A late Mourinho has been accused of failing brilliant run but nobody managed to tant stops from Lukas Nmecha and A leaky defence never used to be as- free-kick blasted over confirmed to give opportunities to young players get on the end of in injury-time. Lewis Wing. sociated with the Portuguese, but he Mourinho’s point: his contractual sit- throughout his career and a team- Tanganga appears to be stronger Instead it was Davinson Sanchez must find a way of plugging the holes uation is affecting him on the pitch. sheet without feted teenage striker going forward than defensively but, who struggled in defence. The Colom- in Tottenham’s back line. Bournemouth are in trouble but Howe’s right man to fix it OURNEMOUTH looked desperate FOOTBALL enough aggression. With two weeks panic. Watford’s transformation charge. The table doesn’t lie and in their 3-0 home defeat to Wat- COMMENT left of the under Nigel Pearson has been Jekyll presently all of , Bford last weekend, which saw Bournemouth ought to be looking to and Hyde and their victory over Bournemouth and Aston Villa look in them slide into the Premier League bring some signings in on loan at the Bournemouth made it four wins in trouble. They are not competing in relegation zone. Trevor very least. They need players who can five, lifting them to 17th. It now looks matches regularly enough, but things In a wholly disappointing Steven add physicality to their starting line- like they’ll be okay, while I also can change quickly and the Cherries performance the Cherries looked up but who also have experience of expect West Ham to stay up under are just three points off safety; this disjointed, low on confidence and fighting relegation and turning that David Moyes and Burnley to be safe time next week they could be out of were overpowered by a physically situation around, perhaps from with serial survivor Sean Dyche in the relegation zone. superior Watford. It feels as though another Premier League club. I still believe Howe is the right man there is a disconnect within the club front. They’ve scored just once in five This weekend is the first of two cup to lead them through this challenge. and they are no longer playing like league games and there is no sign of finals for Bournemouth. They face Although he is young, he has walked the team we have come to expect. where the goals are going to come Norwich away and Brighton at home the walk and has plenty of experience Prior to the match, manager Eddie from. Callum Wilson and Harry within the next week and the results at this level. He knows the club inside Howe appeared tense, as though he Wilson have six league goals each this could determine the trajectory of out and is a great fit. And if the worst recognised the importance of this season, while £19m signing Dominic their season. Carrow Road has proven This weekend is comes to worst and Bournemouth get game against a side that had Solanke hasn’t scored once in 19 top- a difficult place to go and it will be a relegated, I expect he’ll stay and fight previously spent all season below flight appearances. vital game for the two sides currently the first of two cup to get them back in the top division. them. Those nerves translated onto Part of the problem is a lack of propping up the league table. finals for them, the pitch and there was a feeling of belief, but against Watford Howe’s Any of the bottom seven teams will Trevor Steven is a former England desperation as the players struggled side also looked lightweight in be concerned about relegation, but against Norwich footballer who played at two World Cups to get a grip on the match. midfield with Dan Gosling and we are just over halfway through the and two European Championships. A real sticking point has been up Jefferson Lerma not providing campaign and it is not the time to and Brighton @TrevorSteven63 CITYAM.COM WEDNESDAY 15 JANUARY 2020 SPORT 27

SHREWS FACE LIVERPOOL SPORT DIGEST HAZARDOUS Air quality issue casts a shadow over Australian Open AFTER LATE FA CUP WINNER £ League One side Shrewsbury Town Spanish giants sacked Ernesto scored a late winner to beat Bristol Valverde late on Monday. The former City 1-0 last night and set up an FA Cup Real Betis manager signed a two-and- fourth-round tie against Liverpool. half-year deal to take over Barcelona, Aaron Pierre smashed in a 25-yard who are top of La Liga. “Yesterday, I shot in the 89th minute to win the was walking around my hometown replay for Shrewsbury, who will now with cows around me and now I’m host the Premier League leaders on 26 here at Barcelona managing the best January. Elsewhere in the FA Cup, players in the world,” Setien said. “Not Reading beat Blackpool 2-0, even in my wildest dreams could I Newcastle eased past Rochdale 4-1 have imagined this.” thanks to three quickfire first half goals, while Coventry set up a home MURPHY COMES FROM tie against landlords Birmingham City BEHIND TO BEAT TRUMP by beating Bristol Rovers 3-0. £ Defending champion Judd Trump Coventry, who are ground-sharing was knocked out in the opening round with Birmingham, will now host the of the Masters by Shaun Murphy Blues at St Andrew’s in the next round. yesterday. The world No1 lost 6-3 at Alexandra Palace as 2015 Masters LEACH DEPARTS SOUTH winner Murphy rallied to come from AFRICA DUE TO ILLNESS behind. Trump hit three centuries to £ Spinner Jack Leach has been forced take a 3-2 lead but the 37-year-old to return home from England’s tour of won the next four frames to set up a South Africa following a struggle with quarter-final meeting with No15 seed illness. Leach missed the final Test Joe Perry. “I didn’t really do that much match in New Zealand with sepsis and wrong,” Trump said. “It felt like I didn’t has not featured in South Africa due to play that bad and 6-3 was maybe a gastroenteritis and flu. The left-arm little flattering for him.” spinner is one of 11 players to have been affected by illness, while Rory HENDERSON AND BRONZE Burns and Jimmy Anderson have SCOOP ENGLAND AWARDS sustained injuries. England levelled £ Jordan Henderson and Lucy Bronze the four-match series at 1-1 with a win have been named as England’s in Cape Town and begin the third Test players of the year for 2019. Liverpool in Port Elizabeth on Thursday. midfielder Henderson beat strikers Raheem Sterling and Harry Kane to SETIEN: BARCA JOB BEYOND the award, while Lyon right-back MY WILDEST DREAMS Bronze won the women’s award The start of the Australian Open yesterday was overshadowed by the poor air quality caused by the ongoing bushfire crisis in the country. £ Quique Setien says not even his ahead of forwards Ellen White and Slovenia’s Dalila Jakupovic said she was “angry and sad” after she had to be helped off court after retiring from her qualifying match against “wildest dreams” had allowed him to Beth Mead. Henderson said he was Stefanie Vogele, while Bernard Tomic (pictured) complained of not being able to breathe normally in his defeat by Denis Kudla. Qualifying consider becoming Barcelona “very honoured and humbled” to was delayed by an hour and practice temporarily suspended in Melbourne, but play went on despite residents of the city being advised to manager. Setien, 62, was unveiled as receive the award and Bronze thanked stay inside during “hazardous” conditions. Organisers said the conditions were expected to improve and would be “monitored constantly”. Barca’s new head coach after the the “fans who stuck by” the Lionesses.

England’s record ROONEY PULLING scorer is pulling THE STRINGS

midfield strings in POSSESSION: Derby have averaged 50 per cent possession since Rooney’s Derby’s push for arrival, compared with 40 per cent in the previous three games. promotion, says PASSING: They have also averaged 340 passes a match, up from 295. Michael Searles GOALS: With Rooney in the side the Rams have scored five in three games, T HAS been a difficult season so far while they only managed three in the for Derby County. They have been previous three, despite having four off the pace required to earn pro- more shots per match. motion to the Premier League, while the drink-driving incident THE SECOND Ithat saw and charged by police and former pressure and drive the team forward, captain sacked has also playing it between the lines and get- cast a shadow. COMING OF ting it to forwards like Lawrence, Mar- But the New Year has brought rea- riott and . It was his sons for optimism. be- initial pass in the build-up that led to came eligible to play for his new club Derby’s goal against Palace. this month and has already helped One caveat to his performances so steady the ship with successive wins far is that, while he has worked hard against Barnsley and, in the FA Cup, to press and close opponents down, Crystal Palace before a 2-2 draw at his defensive positional awareness has Middlesbrough last weekend. WAYNE been lacking at times, which is not The 35-year-old joined Rams man- ideal for a deep-lying midfielder. ager at the start of De- Against Middlesbrough he could cember in a player-coach capacity but have done more to prevent the shot was confined to the dugout until he from which the hosts took the lead could officially be registered as a and some of his tracking back was player following his return from the found wanting. USA and an 18-month spell with DC ROONEY However, he has shown a capacity to United. coach from the pitch, shouting at His last stint in England came to an team-mates and directing instruc- end in April 2018, with Everton deem- tions in attack and defence. He clearly ing him to be no longer at the level re- Player-coach Rooney has been operating as one of two deep-lying central midfielders in Phillip Cocu’s Derby team has a tactical awareness even if he quired to play in the top-flight. does not always adhere to it himself. Rooney disagrees. But if the Rams There is little doubt that Rooney’s precision. It was the perfect example midfield and Derby did not look out It is a promising sign for his coach- are to be promoted this year and he is addition to the team has enhanced of the range of passing Rooney has at of place against a Premier League side ing ambitions, but it is still his tech- to have the chance to prove otherwise that prospect. his disposal and why he shows signs that they would beat 1-0. nique and ability on the ball that it will need to be via the play-offs, England and United’s of evolving well into a midfielder. stands out most of all and exemplifies with the club currently 17th in the all-time top scorer came straight into So far at Derby he has been operat- TACTICAL AWARENESS the old cliche that while form is tem- Championship and 18 points off the the starting line-up against Barnsley ing even deeper than we have previ- It is testament to Rooney’s knowledge porary, class is permanent. automatic promotion places. as captain two weeks ago and inspired ously seen in the Premier League, of the game that he has adapted to a With 19 games to go, there is plenty So congested and competitive is Eng- his side to a 2-1 win. playing alongside a fellow central new position well and, although early of reason to believe that a Rooney-in- land’s second tier, though, that Derby He assisted Derby’s opening goal midfielder in Tom Huddlestone or days, bodes well for his planned fu- spired Derby could break into the are just eight points off sixth place – with a free-kick delivered into the . ture in coaching. upper echelons of the Championship, a margin that could easily be over- penalty area from deep that found In the FA Cup tie with Palace, he and What has also been evident is his and perhaps even have an outside turned with a positive run of results. forward Jack Marriott with pinpoint Huddlestone pulled the strings from willingness to pick up the ball under shot at promotion.